Advertise with fastmoving.co.za
 
 

 Tru Kids emerges as new parent company of Toys R Us
Tru Kids emerges as new parent company of Toys R Us

Toys R Us makes a comeback as Tru Kids Brands

INTERNATIONAL NEWS

By Elias Jahshan - Feb 12th, 19:17

Toys R Us is making a comeback as a brand new company known as Tru Kids Brands, one year after the toy retailer went bust.
 

Last month, Tru Kids Inc — the holding company for Tru Kids Brands — became the new parent company of Toys R Us, Babies R Us, and business mascot Geoffrey the giraffe after it acquired its still-valuable assets. It also took over more than 20 other established toy and baby brands.

The news comes after a revival attempt in October failed to crystallise.

A statement from Tru Kids said it acquired Toys R Us because of its “brand power” and “loyalty”.

It also highlighted how the Toys R Us and Babies R Us lines “generated over $3 billion in global retail sales in 2018 through more than 900 stores and ecommerce businesses”.

However, there is little detail as to what capacity the retailer could comeback in the UK.

Richard Barry – who previously worked at Toys R Us for 33 years, rising to the rank of global chief merchandising officer – was named as Tru Kids’ chief executive and president.

He will be supported by chief financial officer Matthew Finigan, executive vice-president of global licence management and general counsel James Young, and senior vice-president of global sourcing and brands Jean-Daniel Gatignol.

Meanwhile, brand management veteran Yehuda Shmidman will serve as vice chairman to advise on global strategy and execution.

Barry said the newly-formed Tru Kids was seizing the opportunity to tap into the continued strong affinity for the Toys R Us and Babies R Us brands.

“As we start the year there is a lot to be excited about,” he said.

“We have a healthy and growing global business with great partners that are 100 per cent focused on opening more stores and ecommerce channels in their respective markets."

“We have an experienced team with unmatched industry expertise in the toy and baby space and a clear understanding post-holiday of the opportunity that still exists in the US marketplace.”

Tru Kids said its first priority would be to “solidify” the US retail strategy for Toys R Us and Babies R Us.

“While I can’t say today what that exact strategy is, we do know that we will have an omnichannel approach that is tech immersive and experiential with a smaller footprint,” Barry said.

“I’ve spent my entire adult career working at Toys R Us and feel proud to be a part of ensuring the next chapter of this iconic brands lives on.”

Tru Kids said it was working with partners around the world expand the Toys R Us and Babies R Us businesses in their respective markets while seeking opportunities to bring the brands to new and emerging territories.

While these global partners are set to open 70 stores in 2019 in Asia, India and Europe and develop new ecommerce platforms, details are scant on whether the plans for Europe also includes the UK.

Tru Kids will be headquartered in New Jersey, just as Toys R Us originally was.

Toys R Us’ UK arm collapsed around the same time as its US counterpart did in early 2018, making it one of the biggest victims of the challenging conditions plaguing the retail industry in recent years.

More than 3000 jobs were lost as over 100 Toys R Us stores across the UK shut down.

The casualties were worse in the US – 30,000 people lost their jobs across 885 stores.
Retail Gazette 

Related News

How retailers can add value for consumers in turbulent economic times
25/03/2019 - 15:51
For the most part, it has been a dismal year for South African retailers; elevated household debt, higher fuel prices and an increase in value-added tax squeezed consumer spending. However, Ackermans, South Africa’s longest standing value retailer, performed well over 2018 reporting growth of just over 10% which is three times more than the industry benchmark.

Confusion around best-before dates causing unnecessary waste
25/03/2019 - 11:14
Confusion around best-before dates is widespread, causing unnecessary food waste. And in a country that's already food insecure, binning good food is not only unconscionable, it's plain wrong.

Watches of Switzerland sets its sights on more US acquisitions
25/03/2019 - 09:38
Watches of Switzerland expects to make further acquisitions in the US, which it first entered in 2017 with the purchase of jeweller Mayors, its CEO said.

Load shedding threatens jobs, economic recovery, says consumer body
22/03/2019 - 13:31
Load shedding, which has been escalated to Stage 4, is posing a significant risk to economic recovery, the Consumer Goods Council of South Africa said in a statement, as rotational blackouts continued to grip the country.

Pick n Pay introduces blood oranges to its fresh produce offering
22/03/2019 - 10:19
Fruit lovers no longer have to travel to Europe to taste the goodness of blood oranges. Pick n Pay has added rare blood oranges to its fresh produce offering making it the first retailer to offer this unique fruit to customers.