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Toys R Us to Clear Out Wayne, NJ HQ

Liquidation Sale Includes Mascot Geoffrey
June 5, 2018
Even Geoffrey has to go.

The Toys R Us liquidation has expanded beyond its stores to its headquarters in Wayne, NJ, where the site's contents - including the failed retailer’s giraffe mascot - are all up for sale.

The company, in the midst of Chapter 11 bankruptcy proceedings, is preparing to put its headquarters, located on a woodsy 200-acre campus, on the block to help pay off its creditors. Apparently in advance of that sale, Toys R Us said on Twitter that it was clearing out its corporate buildings at 1 Geoffrey Way.

“The Toys R Us 650K SF Corporate Office Liquidation Sale in North Jersey has started,” the company tweeted. “Everything must go. Including Geoffrey.”
The tweet included a link with 60 photos of items that are for up for grabs. In addition to office furniture and equipment, a large figure of a Minion from the “Despicable Me” films, and a massive statue of Sulley from the “Monsters, Inc.” movie, are all for sale.

There were no details about how to go about purchasing any of the goods, but Toys R Us spokeswoman Amy von Walter on Monday said in an email that members of the public can go to the headquarters to look at the items and bid.

In the comments to the tweet about the sale of the headquarters’ items, many lamented the demise of Toys R Us, and about the company mascot in particular.

“Save Geoffrey,” one person posted. Others suggested that he be donated to a children’s hospital.

In March, Toys R Us announced that it was going to liquidate its assets, closing more than 700 stores and laying off 33,000 employees, including 1,500 in New Jersey, without paying them any severance.

The leases of a number of the stores have already been auctioned. Back in March, Toys R US Chief Executive Dave Brandon told employees that the corporate headquarters would be sold, as it was “a cost burden for the creditors of this company to the tune of hundreds of millions of dollars," according to NorthJersey.com.

Last week, several of New Jersey’s delegation - U.S. Senators Bob Menendez and Cory Booker, and Congressman Bill Pascrell - criticized the three private equity firms that led the leveraged buyout of Toys U Us. They said that Bain Capital LLC, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust saddled the toy retailer with $5 billion in debt, leading to the company’s downfall. The lawmakers want Toys R Us employees to be paid severance.



Linda Moss, Northern New Jersey Market Reporter  CoStar Group   
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