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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
Editor's note: An earlier version of this story referred to the agency Customs and Border Protection as Customs and Border Patrol. Scripps regrets the error.Customs and Border Protection has confirmed that the agency is among those who sent officers and agents to Portland, Oregon as part of President Donald Trump's attempts to quell protests in the city.In an email, a CBP spokesperson confirmed that the department's agents and officers were among Homeland Security personnel sent to Portland. The spokesperson said that the agents were sent in support of an executive order signed by Trump aimed at protecting federal monuments and statues.The agents are also supporting the "Protecting American Communities Task Force," which was formed by Acting Homeland Security Sec. Chad Wolf. According to the DHS website, the task force was formed in response to Trump's executive order.Local media reports emerged last week that federal agents had arrived in Portland and began arresting those who have been taking part in weeks-long protests against police brutality and systemic racism. While protesters have defaced buildings with graffiti, they've mostly remained peaceful.Video shared on social media last week showed the agents, dressed in camouflage riot gear without agency identification, detaining protesters and placing them in unmarked vans. Local media outlets have since confirmed those reports.Protests in Portland have intensified since federal agents have arrived. Portland Police confirmed Monday that federal agents used tear gas to disperse a crowd of protesters.During a press conference Tuesday, Wolf told reporters that his agents were targeting "violent" criminals, The Los Angeles Times said. But local officials have said they would like those agents to leave.Oregon Attorney General Ellen Rosenblum filed a lawsuit on Friday seeking to block detentions by federal agents without probable cause.Oregon's Democratic governor Kate Brown has also called for their removal."The Trump administration is not interested in problem-solving," she tweeted Tuesday. "The Trump administration is not interested in public safety. They are interested in political theater." 2188
EL CAJON, Calif. (KGTV) - Months of preparation will finally pay off Saturday for students in the Cajon Valley Union School District.The district is putting on what's now become an annual event, TEDxKids@ElCajon, a local version of popular TED Talks.After working with coaches all year, a select number of students were chosen to give their talks Saturday, speaking about issues they're passionate about.The event kicks of at 9 a.m. at Greenfield Middle School in El Cajon.Entrance is free for CVUSD students and general admission is . 545
Dr. Anthony Fauci isn't going anywhere.On Thursday, President-elect Joe Biden told CNN that he had asked Fauci to join his administration. He wanted Fauci to in his current role at the National Institutes of Health, as well as become his chief medical adviser.On Friday, Fauci told NBC's "Today" show co-host, Savannah Guthrie, that he'd accepted Biden's job offer."Oh, absolutely. I said yes right on the spot," Fauci said when asked by Guthrie if he'd taken the job. 476
EL CAJON, Calif. (KGTV) -- Some parents are upset after a document from the Cajon Valley Union School District was accidentally shared.Cajon Valley Union School District Superintendent David Miyashiro said an employee’s notes taken during a weekend planning summit -- which included the teachers union, school board members, and district management -- were inadvertently released.Under one of the sections in the notes is language describing parents as “stay at home mom, do not want to teach their kids,” as well as references to some parents being “right-wing” and “not all believe this is real and believe it will be finished by August.”Several parents obtained the document and were upset with how they were described. Demanding answers, some parents showed up at a closed-door district meeting on Tuesday evening where reopening plans were being discussed.Miyashiro sent 10News this statement on the matter: “I've both apologized to the parent community on our behalf and also addressed this with the employee. They weren't meant for public view but there's no excuse ... we don't speak about anyone that way.”Parents who spoke to 10News about the notes said they want something to come out of this situation, whether it’s training or education for staff members."The trust has been lost; the trust between parents and the school district. Trust between parents and superintendent, trust between parents and the board, I think. That's the feeling I get,” one parent said.The district, made up of 16 elementary schools and five middles schools, serves over 17,000 students in various communities in and around El Cajon. 1631