'Every year we are opening new stores': Toys 'R' Us Asia not affected by US closures

'Every year we are opening new stores': Toys 'R' Us Asia not affected by US closures

SINGAPORE: Toys "R" Us (Asia) said its operations in this region are not affected by the hundreds of store closures in the United States, as it is a separate legal entity and is financially independent from other Toys "R" Us operating companies around the world. 

"We are a financially robust and self-funding retail operation, which continues to significantly grow and invest in this region," said president of Toys 'R' Us (Asia) Andre Javes in a media release on Friday (Mar 16).

"Every year we are opening new stores in all our markets and particularly in China where we now operate over 150 stores and will be opening another 30 in the coming months."

A joint-venture with Fung Retailing, Toys "R" Us (Asia) and its subsidiaries operate more than 400 stores across Greater China and Southeast Asia. 

These include 11 stores in Singapore, of which four were opened in the past year - in Great World City, Parkway Parade, Waterway Point and Westgate. 

"Toys 'R' Us Singapore currently employs 380 staff and will continue to hire as we grow," said a Singapore spokesperson.

A spokesperson from Fung Retailing added: "Toys 'R' Us (Asia) is a successful and important business within the Fung Group's portfolio. We are committed to supporting its continued success in Asia."

The statement by Toys "R" Us (Asia) on Friday reiterated what it said six months ago after the US chain filed for bankruptcy protection.

On Thursday, Toys "R" Us said all 735 stores in the US will be shuttered after the iconic toy company failed to find a buyer or reach a deal to restructure billions in debt.

The closures are expected to put about 30,000 people out of jobs. 

Source: CNA/ng