The store offers a full range of toys for kids in the age group 3 to 11 years
The Toys R Us on Saturday opened its first store in India at Bengaluru, in partnership with Tablez India, owned by NRI billionaire MA Yusuff Ali’s Lulu Group.
The company, which faces a huge financial crisis in the United States and filed for bankruptcy protection, is aiming to open almost 65 stores across India within 10 years for a combined investment of $50 million, BloombergQuint reported. It will soon open two more stores in Bengaluru, followed by one in Delhi.
“We are also looking to expand to Tier 2 and Tier 3 cities and have finalized couple of locations for expansion next year, and will be mostly sourcing from local distribution centers,†BloombergQuint quoted Adeeb Ahamed, Managing Director, Tablez India.
The opening day witnessed a huge crowd and the first customer bought toys worth more than $1,530. The store features two brands – Toys R Us and Babies R Us, one for branded toys and the other providing complete baby-essentials.
The store offers a full range of toys for kids in the age group 3 to 11 years including dolls, action figures, role play kits, bikes, remote-controlled cars, and books.
The Wayne, New Jersey-based Toys R Us, was founded by Charles P Lazarus in its modern incarnation in 1957 and traces its origins to Lazarus’ children’s furniture store, which he started in 1948. The company has more than 750 international stores and more than 245 licensed stores in 37 countries and jurisdiction.
On September 18, the iconic retailer filed for bankruptcy for its US and Canadian subsidiaries, citing hefty debt and online competition as reasons. The company said its stores will continue to operate and the crisis will not affect its plan to enter the Indian market.