USA: Toys R Us Mulls Sale, Spins Off Babies "R" Us
Children's toy and apparel retailer Toys "R" Us Inc said Wednesday that it is considering selling its global toy business and is spinning off its Babies "R" Us operations.
The company plans to have the two businesses operating separately by the first half of fiscal 2005.
"We have spent the past several months reviewing all of our businesses and assets to determine the best course to strengthen our company's competitive position," chief executive John Eyler said in a statement.
The moves are part of a larger restructuring of the toy retailer that will include cutting $275 million in costs and liquidating $150 million in inventory.
In connection with the restructuring, the company said that John Eyler will continue in his role as chairman and CEO of Toys "R" Us Inc, and Ray Arthur will continue as chief financial officer.
Richard Markee, vice chairman, was named president of Babies "R" Us and will become CEO and president of Babies "R" Us upon separation.
The company operates more than 1,200 toy stores, 683 of which are in the US.
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