CHICAGO, IL – November 21, 2003...Hilco Merchant Resources today announced it has been selected to provide store-closing services to Kids “R” Us and Imaginarium freestanding stores. The services Hilco Merchant Resources will provide include store closing events and inventory liquidation.
“We are pleased to have been chosen by Kids “R” Us and are confident that our background and expertise will result in a smooth transition period for the company,” stated Michael Keefe, President of Hilco Merchant Resources. “The sales events, beginning today, will afford consumers the opportunity to take advantage of tremendous savings just in time for the holiday season.”
Sales will take place in 146 freestanding Kids “R” Us clothing stores and 36 freestanding Imaginarium stores, the majority of which are expected to close on or before January 31, 2004. (A complete list of stores affected is available at the Investor Relations section of the Toys “R” Us, Inc. website at http://www.toysrusinc.com).
Toys “R” Us, Inc. remains committed to the apparel business and the learning and creativity toy businesses and will continue to support these businesses within Toys “R” Us, Babies “R” Us and Geoffrey stores, and at Toysrus.com.
More than $200 million of Kids “R” Us current inventory will be liquidated during the holiday shopping season. Original prices will be reduced on items in every department, including apparel, shoes and accessories. Imaginarium stores, which feature creativity and learning toys, are also offering discounts on all store merchandise.
About Hilco Merchant Resources
Based in Northbrook, IL, Hilco Merchant Resources (www.hilcomerchantresources.com) provides high yield strategic retail inventory liquidation and store closing services. Over the years, Hilco principals have disposed of assets valued in excess of $30 billion. Hilco Merchant Resources is part of the Hilco Organization, a provider of asset valuation, acquisition, disposition and financing to an international marketplace through eight specialized business units. Hilco serves retailers, manufacturers, wholesalers, distributors and importers, direct and through their financial institutions and consulting professionals. Services include: retail store, warehouse and factory closings, and inventory liquidations, through sales and auctions; asset appraisals covering retail and industrial inventory, machinery, equipment, accounts receivables and real estate; disposition of commercial and industrial real estate and leaseholds; purchase and liquidation of distressed accounts receivables portfolios; acquisition and re-marketing of excess wholesale consumer goods inventories; and secured debt and equity financing. The Hilco organization, headquartered in Chicago, has offices in Boston; New York; Los Angeles; Oakland; Atlanta; Flagstaff; Charlotte; Detroit; and London, England. For more information please visit our web site: www.hilcotrading.com.
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