Slashdot Mirror
Toys R Us To Close All 800 of Its US Stores (washingtonpost.com)
Toy store chain Toys R Us is reportedly planning to sell or close all 800 of its U.S. stores (Warning: source may be paywalled; alternative source), affecting as many as 33,000 jobs as the company winds down its operations after six decades. The Washington Post reports: The news comes six months after the retailer filed for bankruptcy. The company has struggled to pay down nearly $8 billion in debt -- much of it dating back to a 2005 leveraged buyout -- and has had trouble finding a buyer. There were reports earlier this week that Toys R Us had stopped paying its suppliers, which include the country's largest toy makers. On Wednesday, the company announced it would close all 100 of its U.K. stores. In the United States, the company told employees closures would likely occur over time, and not all at once, according to the source, who spoke on the condition of anonymity because they were not authorized to discuss internal deliberations.
If the business model still works then its an opportunity for another party to pick up where they left off. While I understand that you are pissed off at the company that bought it for the purpose of stripping it and profiting thereof the company had a good run and the bigger issue is the lack of competition rather than a store going under anyway. The loss of jobs- well- your mostly talking about young minimum wage workers working a part time gig who-if they had any sense- would be working there way up the food chain- and most do. The loss of these minimum wage jobs may not matter that much as we've seen an increase in other equivalent wage service work jobs coming into existence in the food and hospitality arenas.
The reason they lacked competition? Well, maybe because you bought from them instead of your local toy store. You probably have yourself to blame if you are terribly upset. The reality is it isn't just this toy store going under- I've seen local toy stores going under too. It has more to do with cheap Wallmart toys and Amazon then anything else. The reality is both Wallmart and Amazon both have operations which are more competitive.
I'm no fan of either- but this isn't the end of the world. The people voted with there wallets and the people have said they don't care. This is the free market at work. It is resulting in more efficiencies and money in my/your pocket. If you feel poorer it may be the result of laziness or inability relative to your parents. Those who work hard can and generally do move up- but many people are lazy- or unwilling to move and they migrate downwards.
I'm not the brightest tool in the shed and I've done very well for myself. Not through hard work- or any work requiring any real level of intelligence- but rather just making smarter life decisions. Where I choose to live (cost effective), not taking employment, but starting a company (more stability- I'll be the the last person fired if things go south, etc), etc. I nearly doubled my wealth simply by moving from a high tax state (New Jersey) to a lower tax state (New Hampshire). Income stayed the same, but effectively went up significantly. My employees here effectively make more and are higher up on the financial stability latter even though I'm paying the same salaries as I was in New Jersey. Not only can I afford twice the property my close to minimum wage employees ($12 / hr) own property too now. Nothing that anybody who worked for me in New Jersey could ever hope to achieve on that amount of money. The properties my employees own are mostly really sweet 1-2 bedroom condos (with covered garages), NICE and new 2-3 bedroom trailers, etc. Who would have thought that was even possible on $12 / hr. Certainly it isn't possible in Silicon Valley- and it's these sorts of places that are attracting the people who complain most of all.
Learn to love libertarianism cause it'll make your life better. Or not. No loss on me. Just stay out of New Hampshire and keep your socialist policies to your own state. That way me and my people can continue to thrive on freedom.