#67
You must be tired...
Posted 18 September 2017 - 09:40 PM
Can't remember the last time I got some good Toys R Us buys. Pokemon X/Y years ago for $15 maybe? Looks like Overwatch was the big one this year for one day only.
Regardless, always sucks for those that lose their jobs.
As said above use your giftcards ASAP.
#68
Banned
Posted 18 September 2017 - 09:41 PM
https://www.bloomber...s-soon-as-today
Sad that this may happen. Clearance sales will probably still suck I would imagine.
MSRP amiibos FTW!
- xtreme_Zr2 likes this
#69
Banned
Posted 18 September 2017 - 09:59 PM
Two likely events will happen for gift cards if they declare bankruptcy:If anybody has gift cards from them laying around, use them asap
1) liquidation of some or all stores where they will honor gift cards
2) the company will restructure and choose to honor or not honor gift cards after a restructuring plan is accepted to by prevailing creditors (can take days, weeks, months, or years).
I'm either case, you're better off using gift cards ASAP for good or resellable deals because of the uncertainty.
I for one just left work to pick up some pickup items bought with gift cards that I was going to grab tomorrow.
#70
CAGiversary!
Posted 19 September 2017 - 02:09 AM
Two likely events will happen for gift cards if they declare bankruptcy:
1) liquidation of some or all stores where they will honor gift cards
2) the company will restructure and choose to honor or not honor gift cards after a restructuring plan is accepted to by prevailing creditors (can take days, weeks, months, or years).
I'm either case, you're better off using gift cards ASAP for good or resellable deals because of the uncertainty.
I for one just left work to pick up some pickup items bought with gift cards that I was going to grab tomorrow.
Not honoring gift cards is typically the death knell of a store in bankruptcy, as it is a good way to permanently lose customers. They will set a date they will stop honoring them if they choose to go that path - it won't be like tomorrow or something. But definitely don't sit on them if there is something you want.
#71
Banned
Posted 19 September 2017 - 02:51 AM
Not honoring gift cards is typically the death knell of a store in bankruptcy, as it is a good way to permanently lose customers. They will set a date they will stop honoring them if they choose to go that path - it won't be like tomorrow or something. But definitely don't sit on them if there is something you want.
Yeah definitely, but the timing all comes down to what the (likely pre-packaged) plan of reorganization is.
I don't expect a Sports Authority "reorg" (aka liquidation) but you never know. Even with Sports Authority you had time to use gift cards. Gymboree filed for bankruptcy but their reorg plan is to close some stores, so gift cards remain valuable.
#76
Dank Lean
Posted 19 September 2017 - 06:30 AM
Yeah definitely, but the timing all comes down to what the (likely pre-packaged) plan of reorganization is.
I don't expect a Sports Authority "reorg" (aka liquidation) but you never know. Even with Sports Authority you had time to use gift cards. Gymboree filed for bankruptcy but their reorg plan is to close some stores, so gift cards remain valuable.
In the event you don't use your gift cards, you are generally allowed to file a claim against the company. How the process goes depends on the company filing and what the court allows. For instance Radioshack initally was not honoring gift cards when they filed for bankruptcy and people had to file a claim under the general claim form. It was only in a much later order the judge granted a motion specifically for the claim of gift cards. That was a one off instance though and generally does not happen.
This is not a route I recommend people take mainly because it takes a long time for a decision to be made and most people filing a claim for this reason, likely won't get anything, but a last resort if anyone forgets to use them.
Seriously though, use em gift cards.
#79
CAG Veteran
Posted 19 September 2017 - 11:57 AM
I got $75 on a gift card but TRU never seems to have any deals. The last time I bought from them was when they had Xenoblade for $20 on 3DS.
take advantage of their price match policy https://www.toysrus....match-guarantee
stores includes Amazon, BBY, GS, Target, & Walmart btw...
#80
CAGiversary!
Posted 19 September 2017 - 12:58 PM
I have a $20 TRU gift card that I bought for $10 from Groupon a couple weeks ago... pretty confident that it'll still be good for a while. Bankruptcy is a slow process. Hopefully they can restructure and survive. Friendly staff, best Nintendo/Toys to Life stock in the area, and lots of TRU memories.
There are still occasional deals at TRU too. Got Overwatch for $10 earlier this year, Diablo 3:UE for $3 a couple weeks ago, and bought a couple rounds of B1G4 deals on DI figures.
#81
CAGiversary!
Posted 19 September 2017 - 01:15 PM
From the Bloomberg article linked:
"Much of the toy supplier’s debt is the legacy of a $7.5 billion leveraged buyout more than a decade ago. In 2005, Bain Capital, KKR & Co. and Vornado Realty Trust loaded Toys “R” Us up with debt to take it private. Since then, the Wayne, New Jersey-based chain has struggled to dig itself out."
This kind of stuff makes me so mad. Later in the article it is stated that TRU could be posting $500-600 million in profit if not for the debt it didnt create in the first place.
"Much of the toy supplier’s debt is the legacy of a $7.5 billion leveraged buyout more than a decade ago. In 2005, Bain Capital, KKR & Co. and Vornado Realty Trust loaded Toys “R” Us up with debt to take it private. Since then, the Wayne, New Jersey-based chain has struggled to dig itself out."
This kind of stuff makes me so mad. Later in the article it is stated that TRU could be posting $500-600 million in profit if not for the debt it didnt create in the first place.
- e3man01 and hotwheels68 like this
#82
Dank Lean
Posted 19 September 2017 - 03:10 PM
I have a $20 TRU gift card that I bought for $10 from Groupon a couple weeks ago... pretty confident that it'll still be good for a while. Bankruptcy is a slow process. Hopefully they can restructure and survive. Friendly staff, best Nintendo/Toys to Life stock in the area, and lots of TRU memories.
There are still occasional deals at TRU too. Got Overwatch for $10 earlier this year, Diablo 3:UE for $3 a couple weeks ago, and bought a couple rounds of B1G4 deals on DI figures.
In my experience, for every person who knows a bit about the bankruptcy process, how long it takes for things to happen, and how much time they have to use the gift cards; there are about 50 others who have no idea that they couldn't use the gift cards anymore after 'x' date or that a bankruptcy is even occuring.
#83
Banned
Posted 19 September 2017 - 04:55 PM
The company filed a petition to maintain their rewards program and honor outstanding gift cards. Technically this is a request for the judge to approve it, and the judge may accept it or require creditor (the lenders to TRU) to approve it. As of July 31, 2017 the outstanding gift card and merchandise credit balance was $205.9M and reward certs balance was $22.5M.
Source: https://cases.primec...=NzI3MDYx&id2=0
Source: https://cases.primec...=NzI3MDYx&id2=0
#84
CAG in Training
Posted 20 September 2017 - 03:59 AM
The toysrus clearance thread from a few years ago was crazy fun.
I have $40 in gift cards I gotta use. Too bad all their video game stock seems to have disappeared overnight. I checked just a few weeks ago on the website and there were a few things I wanted but now they're all out of stock. Looks like the site got revamped too.
#85
Banned
Posted 21 September 2017 - 01:51 AM
I don't have many memories of Toys R Us as a kid because my family was struggling financially, but I damn well knew the jingle. I can recall 3 specific Toys R Us memories. 1. Rich Uncle giving me $40 to buy whatever I wanted - I bought a lego set. 2. Bought a blue Gameboy Pocket with Pokemon Blue with my own money 3. Bought a discounted new N64 ($129.99 I believe) with extra atomic purple controller and Rampage World Tour as my first game (over Goldeneye...F----!)
#86
Banned
Posted 21 September 2017 - 07:29 AM
I don't have many memories of Toys R Us as a kid because my family was struggling financially, but I damn well knew the jingle.
That jingle... The main court filing for bankruptcy protection starts with the jingle written out in text. I love that they did that.
#87
Posted 21 September 2017 - 10:32 AM
As a kid I loved buying nintendo games. You has to pull the little slip and take it to the cashier to purchase. And then after purchase you take the slip and the receipt to a little window and someone goes and pulls you game.
I felt so cool and happy walking up to that window.
#89
Cammy's Cat
Posted 21 September 2017 - 11:55 AM
As a kid I didn't appreciate the store as much as I do now. Used to live close to 2 locations. Now the nearest one is almost 3 hours away. Went to one this year about 10+ years of not going. There's so much to look at that you can enjoy yourself without buying anything.
