Here goes a sad news for everyone who grew up purchasing toys from their local Toys ‘R’ Us. Apparently, the popular toy store chain has officially filed for bankruptcy protection in the United States.
According to industry experts, this event is seen as one the “largest ever” Chapter 11 filings by a specialty retailer. The move is expected to affect about 1,600 outlets and 64,000 employees.
It’s a sad day for the young and the young-at-heart.
Dave Brandon, Chief Executive of Toys ‘R’ Us, issued a statement saying:
“We expect that the financial constraints that have held us back will be addressed in a lasting and effective way.
“Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5bn of long-term debt on our balance sheet.”
Meanwhile, Toys ‘R’ Us spokesman Michael Freitag was recently interviewed by Bloomberg and he was quoted saying:
“Like any retailer, decisions about any future store closings – and openings – will continue to be made based on what makes the best sense for the business.”
Is Amazon to blame?
A Reuters report told us that the company is working on a loan to reassure vendors that toys will continue to be available at their shelves. Their story, some have pointed out, is similar to other businesses that have been affected by the competition against online retailers such as Amazon.
Naturally, netizens were quick to react to the news.
Over at Twitter, ThatCubeGamer lamented:
“If Toys R Us seriously goes bankrupt, I think I’m gonna cry. That store was a huge part of me when I was younger & I don’t wanna see it go.”
LeeSpielman also tweeted:
“Toys R Us going bankrupt is sad as f**k. This generation replaced Hot Wheels & Legos with Ipads & laptops. Smh.”
If it’s any comfort for the rest of the world, only US and Canada Toys ‘R’ will be covered by the bankruptcy filing as they “operate as separate entities, so are not part of the proceedings, meaning shops will remain open,” reported LadBible.
Terrifying Videos And Photos Show Wrath of 7.1 Magnitude Earthquake in Mexico
I seriously can’t help but shed tears. Stay strong, Mexico!
Just recently, Central Mexico was hit by a 7.1 magnitude earthquake that took the lives of innocent people. While many survived, most of them lost their homes and apartments. This goes without saying that over millions of people had their electricity supply cut.
Individuals were quick to offer their prayers and sympathies on social media sites. Others uploaded photos taken directly from the affected areas, while some shared videos showcasing the prowess of the earthquake.
One video shows an explosion, the other features a building crashing down.
China Will Be Banning All Petrol and Diesel Cars Soon
China has officially announced that they will be stopping production and sales of petrol and diesel cars “in the near future.”
For a country known as the biggest car market in the world, this is a pretty big move. As you’ve read in the headline, yes, China has announced plans to ban production of all petrol and diesel cars “in the near future,” according to Xin Guobin, vice-minister of industry and information technology.
In an auto industry forum held in Tianjin, China, Xin has shared that the ministry has started “relevant research” and are currently working on a timetable to implement the policy soon.
Xin Goubin has confirmed that research has began on banning petrol and diesel cars production and sales in China.
Norway’s Sovereign Wealth Fund, The Largest In The World, Hits Record $1 Trillion
This seriously makes me want to be a Norwegian!
The wealth of a country is as important as its overall sovereignty. But for a country to really emerge in success, it must have both of these elements consistently. This is where sovereign wealth fund enters. It’s basically a state-owned investment fund and/or entity established on a lot of factors (e.g. official foreign currency operations, balance payment surpluses, resource exports, etc.).
Interestingly, a nation just managed to reach the largest sovereign wealth fund in history. It’s none other than Norway, and, for the first time, it sits at US$1 trillion value. The historic figure happened during the rising of the global stock markets and euro.