TOKYO –
Pan Pacific International Holdings (PPIH), the operator of discount retail chain Don Quijote, has announced plans to acquire the Japanese operations of Toys R Us, the American-founded toy retail giant, taking over approximately 150 stores nationwide while maintaining employment for existing workers.
Toys R Us entered the Japanese market in 1991, opening its first store in Ibaraki Prefecture. The company subsequently expanded across Japan, establishing itself as a major retailer of toys and children’s products.
However, its American parent company filed for bankruptcy protection in 2017, marking a major turning point for the international toy retailer.
The Japanese business has also faced prolonged financial difficulties, recording net losses for eight consecutive fiscal years as declining birthrates reduced demand for children’s products and the expansion of online shopping intensified competition.
PPIH said it would take over the operation of approximately 150 Toys R Us stores across Japan, along with the employment of existing staff, as part of the acquisition.
Source: TBS
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