Toys ’R’ Us Lays Off 250 Corporate Employees

Toys “R” Us (Wayne, N.J.) has laid off about 15 percent of its corporate staff, totaling about 250 employees. The move was made as a part of a business restructuring that came after the company saw its holiday sales this year fall 2.5 percent domestically and 4.9 percent internationally.

In a statement, the company explained, “We, like many other retailers, must continually look for opportunities to work more efficiently and effectively, particularly as customer shopping patterns are evolving,” reports CFO magazine. “The recent changes are not just about cost-containment — our growth plans require us to have the right structure, talent, and determination to transform our business and achieve the financial objectives we’ve set for the company.”