Toys R Us Asia, an affiliate of U.S. toy retailer Toys R Us Inc., reiterated that its business has not been affected by the liquidation of Toys R Us stores in the U.S. and U.K., amid reports that its Australian operations too could close, Inside Retail Asia reported March 19.
Toys R Us Asia President Andre Javes told the news outlet that stores in Asia remain open and operational.
Javes said Toys R Us Asia is opening new stores every year across all its markets, particularly in China, where the company has more than 150 operational stores and plans to open about 30 in the next few months," according to the report.
Toys R Us Asia operates a total of 400 Toys stores in Greater China and Southeast Asia and they remain open for business, the report said, attributing the status update to Toys R Us Asia's joint venture partner Fung Group, which owns about 15% of the company's Asia-Pacific arm and is in talks to acquire its Asia business.
The Wall Street Journal reported March 14 that the company's U.S. CEO, David Brandon, said the toymaker's 39 stores in Australia are expected to be liquidated. However, Toys R Us Australia has said it is "business as usual" even after the U.S. and U.K. closures, the Inside Retail Asia report said.