RadioOnFire.com - Only one week after the world was shocked to learn that Toys "R" Us is shutting down its remaining U.K. and U.S. operations, the iconic retailer regretfully bade farewell to founder Charles Lazarus, who reportedly passed away at age 94 on Thursday, March 22.
While Lazarus no longer held a stake and hadn't actively worked for the company since leaving his position as CEO in 1994, his legacy as an innovator in the business will forever keep his name synonymous with the brand. The D.C. born magnate already had nine years invested in the industry when he opened the doors of the toy haven in 1957. Prior to resorting to a supermarket style niche establishment he founded and ran the baby furniture and toy store that folks in the nation's capital knew as Children's Bargain Town.
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Before the Targets, Walmarts, and the Amazons of the world presenting a shopping model that customers would ultimately abandon Toys "R" Us for, it was undoubtedly the number one destination for parent consumers. At the height of its prominence, there were 1,600 Toys "R" Us locations worldwide.
Due to a $5 billion debt that had surmounted over the course of its decline, however, the company went bankrupt in September. In spite of plans to make some structural changes to the business in hopes of engineering a comeback, though, the 31,000 people employed in the U.S.'s 791 stores (and the 3,000 working in the U.K.) were recently informed of plans to close its doors.
A statement released by the company via Twitter reads: "There have been many sad moments for Toys"R"Us in recent weeks, and none more heartbreaking than today's news about the passing of our beloved founder, Charles Lazarus. Our thoughts and prayers are with Charles' family and loved ones."
Source: tmz.com
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