The Wayne, N.J.-based company was for decades the country’s preeminent toy retailer, with a towering flagship in New York’s Times Square and a ubiquitous icon, Geoffrey the Giraffe.
The filing — just the latest in a string of high-profile bankruptcies this year — comes on the heels of the all-important Holiday shopping season, which can account for half of retailers’ annual sales.
At the same time, toys have become less of a priority for many children and teenagers, who would rather buy smartphones and tablets — or apps and games for those devices — than traditional playthings.
Two in 3 young teenagers now have their own tablet or smartphone, and the majority of them said spending on those devices has become an important consideration, according to GlobalData Retail.
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