The toy retailer also saw a 3.4 percent decrease in holiday sales.
In January, TRU reported that its holiday sales results saw a 3.4 percent decrease (2.5 percent domestically and 4.9 percent internationally) for the nine-week period, ending Dec. 31, 2016.
The domestic decrease was attributed to a decline in the entertainment and baby categories, as well as an impact from the early release of the Big Book catalogue. Meanwhile, the decrease in international sales was attributed to softness in the entertainment and learning categories.
“The 2016 holiday season proved to be an unusual and challenging one for most retailers. Despite a promising start over the Thanksgiving and Black Friday weekend, we experienced lower than expected sales in the toy category overall and continued softness in our baby business. The loss of momentum in the toy category triggered intense promotional activity from our competitors, creating a significant
Overall, the toy retailer eliminated 250 jobs.
“The recent changes are not just about cost-containment–our growth plans require us to have the right structure, talent and determination to transform our business and achieve the financial objectives we’ve set for the company,” says Amy Von Walter, executive vice president, global communications and PR, TRU.
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