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Toys 'R' Us Closing 64 Stores, Laying Off 1,900

Toys 'R' Us, announced that it will close 64 under-performing stores and lay off 1,900 people to help cut costs.
The company estimates it will incur restructuring and other charges totaling $237 million, on a pre-tax basis. The closures will include 37 Kids 'R' Us stores and 27 Toys 'R' Us stores. "The 27 toy stores slated for closure are stores that were cash-flow positive, but were not meeting our return objectives," said John Eyler, the company's Chairman and CEO. "Approximately 10 of these stores are relocation candidates...we will concentrate our investments on those stores judged most likely to produce superior returns." Toys 'R' Us currently operates 1,609 stores: 703 toy stores in the United States; 510 international toy stores, including franchise stores; 184 Kids 'R' Us children's clothing stores; 163 Babies 'R' Us stores and 49 Imaginarium stores. Despite today's news, Toys 'R' Us expects 2001 earnings to meet Wall Street estimates.

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