World News

Toys R Us to open 10 stores in China

Published on: October 2nd, 2017

The toy retailer expanded its presence during the National Day holiday on 1st October.

The 10 stores, in Chongqing municipality, Guangzhou, Shenzhen, Hangzhou, Changchun, Harbin, Suzhou, Xi’an, Changsha and Chengdu will bring the total number of stores of the toy retailer to 150.

Managing director of Toys R Us China Roy Sammartino, commented: “The China retail business continues to perform well and I believe the current business model is well accepted by the local consumers. It will focus on tier one, two to three cities and will invest in the Chinese market through its online and offline platforms.”

The retailer’s US operations are undergoing financial restructuring, but its Asia unit remains unaffected, said the company. Toys R Us filed for bankruptcy protection on 18th September, after it was loaded with debt in a buyout more than a decade ago.

Operations outside the US and Canada, including about 255 licensed stores and joint venture partnerships in Asia, which are separate entities, are not part of the bankruptcy proceedings, Toys R Us said.

Toys R Us (Asia) is a joint venture, 85% owned by Toys R Us and 15% by Fung Retailing.

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