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Toys 'R' Us says Asia business not affected by US closures
IT'S business as usual at Toys 'R' Us in Asia, where the company is even expanding - despite its operations winding down in the United States.
This was the message from Toys 'R' Us (Asia) president Andre Javes on Friday, who added that the Asian business is a "financially robust and self-funding retail operation".
Earlier this week, reports from the US said Toys 'R' Us plans to liquidate all of its stores there after filing for bankruptcy protection last September.
However, Toys 'R' Us (Asia) maintains that it is a separate legal entity and financially independent.
It is a joint venture between the main global firm Toys 'R' Us Inc - which has an 85 per cent stake - and Fung Retailing, a unit of Hong Kong's private Fung Group, which holds the remaining 15 per cent.
Toys 'R' Us (Asia) runs more than 400 stores across Greater China and South-East Asia.
Mr Javes said: "Every year we are opening new stores in all our markets and particularly in China where we now operate over 150 stores and will be opening another 30 in the coming months."
As of last September, there were 11 Toys 'R' Us stores in Singapore, employing 350 staff.
THE STRAITS TIMES