Toys R Us shut down its store 24 hours after its re-entry into India
As part of the US toy giant's re-entry into the country last week, Toys R Us was forced to close its lone store in India just 24 hours after it opened.
According to the Press Trust of India, the Hyderabad mall's non-compete agreement with a competing toy company forced the closure of the store.
The business had opened on March 11 but, according to the report, sources, it was immediately in legal difficulty since "another retailer already had a shop" in the Sarath City Capital Mall.
The renowned brand made its debut in India in October 2017 after partnering with the Lulu Group International, based in Abu Dhabi.
Toys R Us was forced to close its doors as a result of the pandemic-induced lockdown and the subsequent economic downturn.
It had intentions to open more than 200 stores, but was only able to open 14, and those outlets failed after three years of operation, according to IANS.
Despite being established in the US in 1948, Toys R Us declared bankruptcy in 2017 due to a significant increase in debt.
By 2021, it had shut down its physical locations in the US, UK, and Australia, terminating thousands of workers in the process.
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