US Toys R Us bankruptcy, 'Barbie' encounters crisis

by:Ennas      2021-11-14
Xinhua News Agency, New York, October 29.  The Barbie doll manufacturer American Mattel Toys Co., Ltd. recently stated that Mattel's third-quarter sales were not satisfactory due to the application of bankruptcy protection by the American **** toy chain Toys R Us.  According to US media reports, in the third quarter of this year, Mattel's North American market revenue fell by 22%. The company's global market performance was not satisfactory. The global sales of its main products, Barbie dolls and Hot Wheels toy cars, fell by 7% and 6% respectively, and sales of high-end products, the American Girl Series dolls, dropped by 30%.   Mattel stated that the company plans to cut costs by US$650 million in the next two years to reverse the current unfavorable situation.   Another American toy manufacturer Hasbro also said recently that the bankruptcy of Toys R Us has caused poor sales of its products. At present, Mattel and Hasbro are working hard to cooperate with Toys R Us to increase sales in the upcoming holiday shopping season.   In September of this year, Toys R Us formally filed for bankruptcy protection and initiated bankruptcy liquidation proceedings in the US Bankruptcy Court in Virginia, but its more than 1,600 stores and online platforms around the world are still operating as usual. Analysts believe that the incident reflects the huge impact of the Internet economy on the traditional retail industry from the side.  Keywords: Barbie dolls, toys  Recommended reading: E-commerce platform
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