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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
EL PASO COUNTY, Colo. -- You can't even step foot inside Paul and Jenny Fisch's home without wearing a breathing mask. Their dream home was destroyed after they thought the house was sold."I mean, there was just no words... the feces and the urine spread all over our white cabinets, all over our hardwood floor, it was even on the ceiling - 10-foot ceilings," said Jenny Fisch, the homeowner.The Fischs put their home on the market for 0,000 and the first offer they received was for full asking price. They were elated but there was a catch, the buyers wanted to rent the home with the promise they would close in three months."We were told these people were 100 percent qualified, there was no question about it," said Jenny Fisch.Everything seemed to be fine and they had no reason to doubt the offer. The realtor drafted up a contract with information about the loan and a closing date of January 31, 2018. The deadline came and went without the buyers closing on their home even though they were already living in it."What do we do? The only thing we have left to do is start an eviction," said Paul Fisch.The couple even attempted to work out a new deal with the would-be buyers so they could continue renting and eventually purchase the home. The buyers stopped paying rent and they had no choice but to evict them. It wasn't a quick process. Paul and Jenny Fisch weren't prepared for what they were about to find when they showed up to their home with a sheriff's deputy to finally kick the people out."When she walked out her face was like, 'it's bad," said Paul Fisch.Floors were covered in urine, there was feces everywhere and the smell was overwhelming. The house was absolutely filthy and completely trashed."And I lost it, I just lost it. I was like, 'I don't understand why we have to go through this.' I mean we hired people and now my beautiful dream home is covered in feces and I don't know how we're going to fix it," said Jenny Fisch.The buyer was pre-approved for a loan but only if he completed a program and improved his credit score. The lender said that never happened. This information was not made available to the Fischs and they only found out after the deal fell through.The couple said their agent and the buyer's agent assured them everything was good when they agreed to let the buyers rent. RE/MAX, the buyers realtor, said through a spokesperson that realtors don't qualify buyers and it is up to the lender."It's their fault and nobody wants to help us," said Jenny Fisch.The Fischs tried to filed a report with the El Paso County Sheriff's Office but they were told it was a civil matter. They also attempted to contact Child Protective Services because a child was in the home as well as animal control because seven dogs and three cats were found inside.It gets worse. Their insurance won't cover the damage. A spokesperson for Auto-Owners Insurance said they had no comment on the situation.Now the couple is paying a mortgage on a home they can't live in and trying to figure out how to come up with the funds to pay for repairs. The would-be buyers are nowhere to be found and a reporter has not been able to make contact with them."It was insane to me how somebody could live in such a nice home and in a matter of months, destroy everything," said Paul Fisch. 3362
Election Day will be different in 2020, but one thing is the same as previous years; free treats or food deals. No matter how people are spending it, whether in a potentially long, socially-distanced line at a polling place, or maybe volunteering to help, or maybe at home after voting by mail, there are discounts to be had.Krispy Kreme is giving away one free glazed donut to all customers on Tuesday. They’ll also have “I Voted” stickers for those who voted by mail and want to wear one on Election Day.According to federal law, it is illegal to offer freebies in exchange for votes. Many businesses are offering deals to everyone.For those staying up late to watch Election Night results, Boston Market is offering one free slider after 9 p.m.Chili's is offering their Presidente margarita for through Election night, for both dine-in and to-go orders. DoorDash is offering free delivery on orders above on Tuesday with the promo code VOTE. GrubHub is also offering discounts on Election Day deliveries, more than 30 popular restaurants are participating with free delivery or discounts, check their Perks tab for deal details.Places like CAVA and Chopt are offering free meals to poll workers only, since businesses can ask for proof of being a poll worker.Other food companies are offering coupons for free items if people share their voting experience on social media.Bobo’s will send a coupon for a free grain bar from a form on their website.Enlightened ice cream will send a coupon to anyone who uses “vote” in their Instagram story and tags the company, @eatenlightened.An organization, Pizza at the Polls, has partnered with UberE
EL CAJON, Calif. (KGTV) - The City of El Cajon is days away from unveiling their new million dollar animal shelter to the public and gave 10News a sneak peek on Tuesday.The new shelter is double the size of the current facility, which was built in the 1950's, and features state-of-the-art amenities.The city believes it will dramatically improve the adoption experience for East County residents."With more room comes more ability to provide the standard of care expected for these types of animals," said Dirk Epperson, Director of Public Works for the City of El Cajon.The facility has a medical center and operating room as well as a full-service grooming station.There will also be several 'get to know you rooms' where potential adopters can get one-on-one time with the animals.Epperson says efficiency is a theme in the new facility, making it easier and more environmentally-friendly for shelter employees to do their jobs. The grand opening is Saturday, June 2 from 12 p.m. to 3 p.m and adoption fees will be offered for all animals.The shelters will be closed from Tuesday, May 29 through Friday, June 1. However, special arrangements can be made for residents needing to drop off stray dogs or claim a pet. 1250
During a time where a large number of Florida residents are without power in the wake of Hurricane Irma, two Florida men were caught attempting to steal a ,500 utility pole.42-year-old Blake Lee Waller and 46-year-old Victor Walter Apeler were arrested on grand theft charges Wednesday after someone reported seeing them load the pole onto the top of their car, according to the Jacksonville sheriff’s office.A police report says that the two were spotted driving with the pole on top of their vehicle, they were then stopped by officials and arrested.The report says that one of the men told officials that he had to move the pole because it was on the ground so close to traffic lanes, according to the Associated Press.The sheriff's office tweeted a picture of the shirtless men sitting handcuffed on the sidewalk next to the car carrying the utility pole. 895