What Toys R Us Shuttering Stores Means For Wayne

WAYNE, NJ — Toys R Us' decision to shutter hundreds of its U.S. stores will have an impact in local communities throughout the country, with the loss of about 33,000 jobs and empty retail space. This is especially true in Wayne, where its corporate headquarters is.

Toys R Us paid more than $2 million in property taxes last year on the land and buildings assessed at $38.1 million. The land is valued at $16.1 million and the buildings, which measure 5 million square feet, are worth $22.3 million.

The company's Wayne store was already set to close, along with several others in New Jersey. Toys R Us' headquarters is located on a 107-acre plot of land on the aptly-named Geoffrey Way. There is a 60 percent off sale going on at the store now. (See Related: Toys R Us Will Sell Or Close NJ Stores, Company Confirms)

Toys R Us spokesperson Nicole Hayes said she did not have the details regarding what would happen to the company's headquarters or if it would be sold.

The property is located in an office-research, or "OR" zone. If the company, or another future property owner, wants to build retail stores or residential units, it will have to go to the Board of Adjustment for approval for the project.

The company confirmed reports Thursday that it will be "winding down" operations and sell or close 735 U.S. stores.

The liquidation announcement comes about six weeks after Toys R Us confirmed that it would close about 180 of its U.S. stores, including 11 in New Jersey. Closing sales of 10 to 30 percent off have already been going on at those stores. (See Related: Toys R Us Files Chapter 11 Bankruptcy, Outlines Strategy)

Mayor Chris Vergano did not respond to several requests for comment.

Related: Everything Must Go: NJ Toys R Us, Babies R Us Closing Sale On Now

Related: Toys R Us To Close All UK Stores

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