Toys “R” Us has laid off between 10% and 15% of its corporate staff.
The company has struggled to adapt to the growth of online shopping, the Wall Street Journal reports. Around 250 jobs were cut.
Sales at U.S. stores around the 2016 Christmas period declined by 2.5%. The lay offs have been announced a day before the toy industry’s annual convention.
Mattel (MAT), which leads the U.S. toy market, also saw weak holiday sales.
“We, like many other retailers, must continually look for opportunities to work more efficiently and effectively, particularly as customer shopping patterns are evolving” Toys “R” Us spokeswoman Amy von Walter said.
