EATONTOWN: The once hopeful future for the borough's Toys "R" Us is no longer a reality.
Toys "R" Us, Inc. announced early Thursday morning, March 15, that it is going to close or sell all of its 735 US locations.
"I am very disappointed with the result, but we no longer have the financial support to continue the Company's U.S. operations," Toys "R" Us Chairman and CEO Dave Brandon said in a release. "We are therefore implementing an orderly process to shutter our U.S. operations and will pursue going concern sales or reorganizations of certain of our international businesses, while our other international businesses consider their options."
The company has reportedly been losing money for years and has not made a profit since 2012, causing it to file for bankruptcy last year.
"This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years," Brandon said.
Originally the plan was to close 180 stores and the Eatontown location on Route 35 was not among the closures.
The release states that the company will "provide more details about the plans for the liquidation of its U.S. stores and going out of business sales in the near term."
No information was made available about the future of the company's employees.
The Eatontown store moved to its current location about 20 years ago after being located in the shopping center across the highway from Monmouth Mall.
The next closest Toys R Us is located in the Jersey Shore Premium Outlets in Tinton Falls as well as stores in Freehold and Hazlet.