I did my shopping for gifts as I do every year; I shopped all the sales after the Holidays. There are those of us that think it is a good idea to save money when we can. Not that I AM cheap I just want value for my money just like any smart shopper. I don’t know of any person that would disagree with trying to save money. This article is about the loss of a giant that helped us all save money.
Who is the Giant?
One thing I have learned while creating articles is not to use legal names they get you in a lot of trouble. The one thing I can do, and will do, is describe, the company, but not actually say its name. This company has worldwide stores but not all stores were affected. The far-eastern stores are still functioning and making their owners a profit. This company started out as a specialty furniture store and expanded its inventory to include items requested by customers. Customer satisfaction had an impact on the number of customers requesting new items. The customer base grew and as the customer base grew the need for other stores became necessary. The uniqueness of the store attracted investors from all over the globe and the store became international. This had its good points and its bad points. What started out as a family owned business now became a burden of debts; bankruptcy was the only solution. Our fine store filed bankruptcy and stores all over the western hemisphere closed their doors. How do you think this impacted the customer?
When Did Then Happen?
Official bankruptcy was filed in September 2017 and stores began to schedule closings. The company that started out as a specialty furniture store after 69 years of service began closing its doors. The business world recognized the value of the company came to help and restructure the company under a new name. The new branding of the company became complete in January 2019. Now I will do something I rarely do. I AM discussing how ‘Toys R US’ became rebranded as ‘Tru Kids’.
How Did This Happen?
Did you ever hear of the Product Safety Board? I suppose if there had been a Product Safety Board in the 1930’s and 1940’s many of the now collector’s items would not have been made or passed inspection. The company had its own safety regulations for vendors but adhered to federal standards as well.
The company did its best to supply quality products for its customers while it maintained a competitive price range. Maintaining a competitive price range with the inflation of standard method of payment became more and more difficult. Payments were not always forth coming for the items bought and sold. The company after struggling with these factors decided to file for bankruptcy protection.
I think I understand why bankruptcy protection is necessary. I also understand this happening will probably impact how I do my gift shopping. I AM disappointed for the owners of the original specialty furniture store. I AM sad to understand after 69 years of service they felt it was necessary to close their stores. The seemingly ray of sunshine that saved the stores from closure remains to be seen; I hope it is a good change.
Author Whitney Joh is a retired school teacher.