ToysRUs Is Back In Court Today

Posted: Mar 20 2018, 10:22am CDT | by , in News | Toys

 
ToysRUs is Back in Court Today
Photo Credit: Getty Images

The Bankruptcy court is set to decide on next steps in ToysRUs wind-down.

ToysRUs is back at the bankruptcy court today at noon Eastern. Today's hearing is important for the next steps in the ToysRUs wind-down process. Many toy makers have come forward with motions and filing opposing the plans of ToysRUs. There appears to be shaping up a big battle between creditors about who will receive the revenue from the ToysRUs store closing sales. Toy suppliers make the case that ToysRUs would sell toys that they do not own yet, as they did not pay the vendors yet for them.

Some toymakers demand the return of their toys. Lego, Mattel, WowWee, Zuru, and more have filed claims in the millions for unpaid goods that ToysRUs received or are still in transit. The supplies are not secured creditors and shipped their toys under trade deals to ToysRUs. Lego, for instance, assumed that ToysRUs would stay at least 16 months in business after the Chapter 11 filing.
The revenues from ToysRUs store closings and liquidations are usually first benefiting the secured creditors. It's up to the court how this will be handled in the ToysRUs shut down.

The ToysRUs liquidation plans are still in flux. The Canadian business unit might survive in combination with select US stores if a buyer can be found.

ToysRUs will start the process of closing sales at 735 remaining ToysRUs U.S. stores, including stores in Puerto Rico. While its open to you to score some closing sale toy deals or not, you definitely need to make sure to use your ToysRUs gift cards now. ToysRUs gift cards will be worthless very soon.

The ToysRUs closing sales begin soon according to a statement on the ToysRUs site. Expected savings will be up to 30%, based on the discounts we see in the ToysRUs closing sales in the UK.

Check out also our Easter Toy Gift Guide for 2018. Get the free Tracker app to get notified when the hottest toys and most wanted amiibo of 2018 are in stock online. You can already subscribe to be notified when Pomsies, Fur Babies World, 5 Surprise ball, and more hot 2018 toys are in stock.

Read the latest hot toy news, shop the best-selling toys and follow us on Twitter for hottest toy announcements of 2018 at the Toy Fair 2018 in New York. See also the highlights of the Spielwarenmesse 2018 in Nuremberg and Toy Fair 2018 in London.

This story may contain affiliate links.

Find rare products online! Get the free Tracker App now.


Download the free Tracker app now to get in-stock alerts on Fingerling, Luvabella, SNES Classic and more.

Latest News

Comments

The Author

<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

Advertisement

comments powered by Disqus