Toys ‘R’ Us may shut down hundreds of stores

Stiff competition: A woman visits Toys “R” Us store at Times Square in New York. The retailer suffered as giant discount stores such as Walmart Inc sold the most popular toys at steep markdowns to lure shoppers into the aisles. — Reuters— Reuters

NEW YORK: Toys “R” Us Inc, the ultimate toyland for baby boomers and their kids, is going out of business after a failed rescue effort, unable to recover from intense competition and crushing debts.

The collapse, disclosed in a statement, could shut down hundreds of stores around the world and jeopardise tens of thousands of jobs.