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Toys 'R' Us to close 75 stores, cut 3,000 jobs

Toy retailer Toys R Us Inc. on Monday said it will close 75 Toys "R" Us stores in the United States and convert 12 others into Babies "R" Us stores, eliminating about 3,000 jobs.
/ Source: Reuters

Toy retailer Toys R Us Inc. on Monday said it will close 75 Toys "R" Us stores in the United States and convert 12 others into Babies "R" Us stores, eliminating about 3,000 jobs.

The company said in a regulatory filing that it will record restructuring and other charges of about $155 million, with about $99 million taken in the fourth quarter of fiscal 2005 and the remaining $56 million in the first quarter of 2006.

Most of the stores will close in the spring of 2006, Toys "R" Us said.