King of Prussia Toys R Us store one of few to remain open

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The closing of the company’s U.S. stores over the coming months will finalize the downfall of the chain that succumbed to heavy debt and relentless trends that undercut its business, from online shopping to mobile games.(MONTCO.Today file photo)

With debt hitting the $5 billion mark and giants like Amazon and Walmart gaining even more  momentum,  Toys R Us will close 180 stores in the United States. But the King of Prussia location will remain open.

Several other Philadelphia and southeastern Pennsylvania stores were spared. Locations in South Philadelphia, Port Richmond, the Oxford Circle section of Northeast Philadelphia and at the Philadelphia Mills mall, as well as in Media, were not on the closure list, writes Alison Burdo in The PhiladelphiaBusiness Journal.

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Stores will begin to close next month and all the stores marked for closure will be dark by April. Based in Wayne, New Jersey, Toys R Us has been struggling financially since Bain Capital, KK & R and Vornando Realty Trust took the company private in a $6.6 billion leveraged buyout in 2005, with the hopes that the move was temporary and that the company would be public again.

In a letter to customers, CEO David Brandon said the company made “tough decisions about our priorities and focus” in order for the “reinvention of our brands.” Brandon’s letter also said to expect other changes to the Wayne, N.J. company’s real estate.

To read the complete story click here.

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