“I didn’t even realize they were going into debt. I used to get all sorts of toys there. Legos, Transformers, Lightsabers— I used to go there all the time,” sophomore biology major Thomas Ngo said.
The 69-year-old toy and juvenile-product retailer was once an extremely popular place for parents to buy toys for their children; however, the company filed for bankruptcy amid concerns of rising debt, of which Toys ‘R’ Us is in $5 billion.
Many Cabrini students are troubled by the news.
“It’s pretty upsetting, to hear that the store we all used to get our toys from is going bankrupt,” freshman exercise science major Zachary Martinez said.
This sense of nostalgia and tradition is what Toys ‘R’ Us means to many Cabrini students.
What the bankruptcy means for the company’s operations remains to be seen. Toys ‘R’ Us CEO Dave Brandon had a bright message of hope for the retail chain’s future.
“It’s the dawn of a new day for the company. Its the opportunity to do things we’ve wanted to do for a long time, but haven’t been able to,” Brandon said during a press event.
Toys ‘R’ Us has filed for chapter 11 bankruptcy, which means that the company is protected from creditors it cannot pay while attempting to reorganize its finances. This means that the biggest toy chain in the world is not necessarily closing down.
“I think a lot of it has to do with online shopping— Amazon and things like that,” junior Braden Saul said. “I know a lot of people would rather order toys online for sometimes even cheaper prices, rather than go to the store.”
Online shopping certainly played a part in the company’s bankruptcy, with more families choosing to shop completely online than ever before.
While the future of Toys ‘R’ Us remains unknown, Cabrini students look on with the same feeling of uncertainty the company itself shares. Students hope this is not the end for the toy company they grew up with.
“My parents would always take me there to buy me toys,” Martinez said. “I Hope that they still stay open. I don’t go there anymore obviously but it would be cool to take my kids there to get them toys someday like my parents did for me.”