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Don't blame Amazon for the death of Toys "R" Us.It's true, online shopping didn't help matters, but the struggles of Toys "R" Us predate the boom in online shopping. Many of its wounds were self-inflicted.The company's biggest problem: It was saddled with billions of dollars in debt. That debt stopped it from making the necessary investment in stores. And that meant an unpleasant shopping experience that doomed the chain. The company told employees Wednesday that it would close or sell its US stores after 70 years in business."If you're going to have that breadth of inventory, you need someone in the store to help you find it, help you experience it," said Greg Portell, lead partner at retail consultant A.T. Kearney. "It's hard to sell toys in a cold, warehouse environment."Even Toys "R" Us CEO David Brandon conceded in an SEC filing last fall that the company had fallen behind competitors "on various fronts, including with regard to general upkeep and the condition of our stores."Toys "R" Us' debt problems date back to well before Amazon was a major threat. Its debt was downgraded to junk bond status in January of 2005, at a time when Amazon's sales were just 4% of their current level.A year later the company was taken private by KKR, Bain Capital and real estate firm Vornado. The .6 billion purchase left it with .3 billion in debt secured by its assets and it never really recovered.The toy store faced several other big challenges at about the same time. There was the rise of big box retailers like Walmart, which now dwarfs Toys "R" Us in total toy sales. Last year toymakers Mattel and Hasbro each sold about billion worth of their toys at Walmart, more than twice as much as what they sold through Toys "R" Us. Target sold just about as many of their as Toys "R" Us last year.And like most retailers, Toys R Us also lost sales to online rivals such as Amazon that offered lower prices and quick shipping.But much of the chain's resources were devoted to paying off that massive debt load rather than staying competitive.When Toys "R" Us filed for bankruptcy in September 2017, it disclosed it had about billion in debt and was spending about 0 million a year just to service that debt.That burden crowded out critical strategic priorities, like making its stores a nice place to shop and paying employees.Tell us: How will you remember Toys 'R' Us?Brandon said in a filing last fall that the bankruptcy process would allow it to invest million in its stores. The company hoped to add playrooms where kids could try out toys and spaces for birthday parties, but it never got the chance.Brandon also vowed to spend more money on staff. With extremely low unemployment, competitors like Walmart are raising wages, while Toys 'R' Us was having trouble attracting the kind of help it needed. It said last fall it would spend million from 2018 to 2021 to raise starting wages and to reward and keep its most effective employees."Better employees make for happier customers," Brandon said in the filing.Despite sharply declining sales, Toys "R" Us was also extremely late to the game in closing stores. At the time of its bankruptcy filing, the chain had 1,697 stores -- more than it had ever had.In January, it announced plans to shut 182 US stores. Last month it filed for the equivalent of bankruptcy for its UK operations, where it had 105 locations. On Wednesday, hours before announcing the decision to close its US operations, it said it would close the last 75 UK stores.But the closings in recent weeks were far too little, too late. And as a result, now all of US stores will close, and probably most foreign stores as well.The-CNN-Wire 3698
Dickson County, Tennessee boy, Joe Clyde Daniels, was beaten to death by his father before his body was disposed of, court documents have revealed. Over the weekend, Joseph Ray Daniels was arrested and charged with one count of criminal homicide in the 5-year-old’s disappearance.According to court documents, Daniels admitted to striking Joe Clyde "repeatedly... with [a] closed fist" until the boy died. He received injuries to his upper torso, head and face. Daniels then allegedly placed his body in the trunk of his car and disposed of it in a rural area.Joe Clyde had been reported missing last week, prompting the Tennessee Bureau of Investigation to issue an endangered child alert. After several days of searching, the elder Daniels was charged.The boy’s body has not yet been found.Joe Clyde’s grandmother spoke with Scripps station WTVF in Nashville over the weekend, saying that she has been cooperating with law enforcement after her stepson was arrested in the case.“It’s shocking because you raise a child from way back, and you think you know him. You don’t think your child could kill his own baby," said Belle Daniels. More Stories: 1217
During his visit to San Diego, President Trump took a few moments to heap praise on San Diego Mayor Kevin Faulconer over his approach to homelessness."In the case of San Diego the mayor's doing the right thing, he's doing a good job," Trump said.The president went on to take aim at Los Angeles and San Francisco."It's a total disaster, they're going to ruin those cities," Trump said. Those comparisons, then echoed Thursday by Housing Secretary Ben Carson in an unpublicized visit to a temporary bridge shelter in San Diego."Night and day, difference," Carson said. "I don't want to, you know, have everybody come to San Diego becuase you're doing such a good job, but that's the danger."Platitudes aside, the city of San Diego still has a population of about five thousand homeless people - around half sleeping on the streets. A spokeswoman for the mayor said Faulconer has taken a broad approach through temporary bridge shelters, safe parking lots, storage and outreach, with a goal of permanent supportive housing. But homeless advocate Michael McConnell dismissed Trump's statement as partisan politics. Faulconer and Trump are both Republicans, while leadership in Los Angeles and San Francisco is largely democratic. "This is all political," McConnell said, adding the city should focus more on permanent solutions. "There's nothing wrong with giving people access to a shelter, but once they're in that shelter that can't be their home. We have to invest in getting them out of the shelter."But Bob McElroy, who heads Alpha Project and its temporary bridge shelter, said Faulconer deserves praise above other politicians."He's doing better than anybody I know," McElroy said.In a statement, Faulconer said homelessness should not become political."We have an action-oriented approach on homelessness in San Diego, and over 40 agencies and cities led by both Republicans and Democrats have come to see our new programs in action," the mayor said. "This isn't a partisan issue, it's about action, and I appreciate that Washington is recognizing our efforts." 2075
EL CAJON, Calif. (KGTV) - A man fatally stabbed inside an East County condominium has been identified as an active-duty service member.Anderson Lopes, 24, was found unresponsive at his El Cajon condo just after 10:30 p.m. on March 6, according to the San Diego Sheriff's Department. Lopes's wife said her husband was injured in an assault inside the home in the 13000 block of Pinkard Way.Lopes was treated at the scene and brought to a nearby hospital, but died from his injuries. His wife, who said she was trying to break up the fight, was stabbed in the thigh and underwent surgery.RELATED: Suspect arrested in El Cajon stabbing deathSDSO said Lopes was an active-duty service member in the U.S. Navy.Deputies detained Dylan Poston, 26, at the scene. Poston has been charged with one count of murder and is being held without bail at San Diego County Jail.It's not clear what led to the reported altercation.The murder is still under investigation. Anyone with information is asked to call SDSO at 858-974-2321 or 858-565-5200, or Crime Stoppers at 888-580-8477. 1099
Doctors are concerned seasonal affective disorder, also referred to as SAD or "the winter blues," could be a lot more prominent this year due to the coronavirus pandemic.“It is going to be more challenging this year than others, certainly going through all the stress we’ve been dealing with during this global pandemic,” said Dr. Eric French, a psychiatrist with the HealthONE Behavioral Health and Wellness Center.SAD is a form of depression brought on by multiple factors, including less daylight and more time indoors.It can be treated with a number of therapies and medications, but even that looks different because of the pandemic.“But certainly, Zoom calls might not feel as personal as a visit, but quite frankly, it works and it’s certainly a lot better than isolating,” said French.French says telehealth works, as does group therapy, light therapy and sticking to a strict schedule.“We want people planning their day instead of just kind of hibernating and ending up in their pajamas on their couch and not taking care of themselves,” said French.He says that historically, October is one of the busier months for adult behavioral health.They are experiencing a surge in hospitalized patients due to the pandemic, in part because substance abuse and suicide attempts are up.French also says avoid marijuana and alcohol to deal with anxiety or depression. Instead, focus on getting outside, eating right, sleeping well and staying socially connected. 1469