The toymaker acquired FAO Schwarz and its flagship Fifth Avenue store in Manhattan in 2009.Īs his chain expanded, Lazarus emphasized dependability over novelty. It had more than 1,600 Toys 'R' Us and Babies 'R' Us stores in 38 countries at that time. The chain attempted to reorganize and sell its remaining international units. Unable to fend off rivals while saddled with more than US$5 billion in debt, the company filed for bankruptcy in September 2017 and began closing down its U.S. and Vornado Realty Trust took over Toys 'R' Us in a US$7.5 billion leveraged buyout in 2005. toy sales in 1998.īain Capital LLC, KKR & Co. and from the rise of Wal-Mart Stores Inc., which overtook it in U.S. Since Lazarus stepped down as chief executive officer in 1994 and chairman four years later, the company has faced new competition from online retailers such as Inc. and through Interstate’s bankruptcy in 1974, which resulted in Toys 'R' Us emerging as the surviving company and going public in 1978. Lazarus led the New Jersey-based company - now based in Wayne - through its 1966 sale to Interstate Department Stores Inc. Delighted manufacturers ran proposed products by his company before committing to wide-scale production, according to a 1986 article in Atlantic Monthly magazine, which called Lazarus “the person most responsible for loosening Santa’s grip on the toy business.” His strategy created the world’s largest toy-store chain. He died Thursday in Manhattan, Michael Goldstein, a close friend who was the company’s former chairman, said in a phone interview.įrom the first Toys 'R' Us outlet, opened in 1957 in the Maryland suburbs near his hometown of Washington, Lazarus stuck to a winning formula of high volume, discounted prices and cookie-cutter predictability.Īs much as anyone, he transformed the toy business from Christmas-focused to year-round. Charles Lazarus, who combined supermarket-style service with touches of whimsy in creating Toys 'R' Us Inc., a retail success that fought high debt and fierce competition and finally succumbed just last week, has died.
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