Wayne Toys R Us Store Is Closing

WAYNE, NJ — The Toys R Us store at the Wayne Hills Mall is one of the 12 New Jersey stores the company is closing as part of its strategy following its bankruptcy filing last year.

The Toys R Us locations are among the roughly 20 percent of the chain's locations to be shuttered. The closings for the Wayne-based company will begin early next month and run through mid-April.

"The reinvention of our brands requires that we make tough decisions about our priorities and focus," Toys R Us chairman and CEO David Brandon said in a release. "The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company."

There are 31 Toys R Us and 26 Babies R Us stores in New Jersey.

In addition to the closures, Brandon said an undisclosed number of surviving locations will be co-branded as Toys R Us and Babies R Us stores.

Toys R Us filed for bankruptcy in September amid waning sales and mounting debt. The toy store chain has faced stiffening competition from Amazon, Walmart and Target.

A NorthJersey.com report last year stated that closing stores would be a part of Toys R Us' post-bankruptcy survival plan.

A federal bankruptcy judge ruled late last year that Toys R Us may pay 17 executives about $14 million in incentive bonuses if it hits a certain earnings amount. Attorneys representing the company argued that the bonuses would help executives focus on increasing sales during the past holiday season.

Related: Toys R Us Files Chapter 11 Bankruptcy, Outlines Strategy
Related: Bankrupt Toys R Us Can Pay Executives $14M In Bonuses: Report

With reporting by Tom Davis
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