Toys “R” Us Inc. has defied expectations and had a surge in holiday season sales for the first time in 4 years!
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The company, which is the world's largest toy chain, just closed its flagship in Times Square, increased sales by 2% during this year's holiday season, particularly in December.
According to Bloomberg, the gain came after three seasons where there were declines, which put whether or not the industry could hold on in an age where most people were buying their toys online. Bain Capital Partners, KKR & Co. and Vornado Realty Trust acquired the chain a decade ago in a $6.6 billion deal and have struggled to take it public again.
The results were to give a boost to Toys 'R Us's bonds, the company's $400 million of 7.375 percent notes jumped 7.25 cents to 55.25 cents on the dollar at 1 p.m. in New York.
This holiday season marked the first for David Brandon, the CEO who just joined in July. He has been revamping the management ranks and trying to bring new interest to the stores.
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Part of their approach was to keep the hottest toys constantly in stock and price them competitively. They also had a jump from Star Wars merchandise. The results “demonstrate our ability to execute our holiday plan in a highly competitive marketplace,” Brandon said.