The whole thing is/was basically a pyramid scheme. TRU is owned by Putnam investments (or some such name). The Putnam family owns a bunch of companies in Canada like HMV and Sunrise records. However most importantly they own Everest Toys, a big distributer of toys in Canada. So basically the majority of stock for TRU came from Everest (nothing shady about supplying yourself and hiking prices right??) Everest toys went into receivership late last year and the board all resigned at the same time. Not surprisingly the board was all members of the Putnam family. Again nothing shady................right......
So when Putnam took over TRU they actually owned a bunch of the land TRU stores were on, but not the majority of them. Now in the past 2 years they have been selling off assets clearly to get cash to offset all the failed ventures that have come up in the past year(+). So basically they prioritized their own property/assets over the rental stores which is why they are being sued for millions in unpaid rent. The last BC store was shut by the landlord because the stock was still in the store when it closed and there was no sale/closeout leading up to the closure. Everest Toys going into receivership late last year should have been the final nail in the coffin. Not to mention they have some BS excuse on the website about how they are working on improving the site and that is why no one can do any transactions online anymore (again...yeah right).
What makes me laugh, bugs me, is I keep getting emails from TRU about sales and clearances going on right now when anyone with a brain and eyes can see they are going under this year.
