Toys R Us is in trouble and, to we ordinary non-business folk, it seems an unlikely turn of events.
The giant chain of toy shops filed for bankruptcy protection in the US and Canada last week and the consequent reporting made interesting reading. It’s a corporate thing, apparently, and restructuring its $5 billion of debt will allow it to continue to trade and, wait, what? You have got to be kidding but, yes, that really is five billion with a B.
I feel bad for everybody who works for the company because worrying that your job might vanish is no fun, as this former newspaper employee knows far too well. But, equally, I found myself wondering about the alternatives to a company that’s so big it can carry such an enormous debt load and still stock its shelves.
Let’s not mince words: a job is a job, and every job is valuable. I’m sure that communities across Courier Country are happy to welcome big companies like Toys R Us or Tesco or, yes, even Amazon, a retailer apparently determined to consume every penny in the world. It’s all business.
But, as we rejoice in cheap Lego and lightsabers, let’s pause and ask ourselves if companies like Toys R Us – which has 1,600 stores worldwide – really deserve our loyalty. I, too, like a bargain but there are other options out there. Chains have aggressively shouldered aside many small, independent retailers but local companies do still exist – and it’s in our power to keep them around.
So while we may show sympathy for the threatened chain store workers, I’m not calling on anyone to rescue them. That may happen, and if it doesn’t then business is still business.
No, I’m calling for support for the alternatives. The little guy. The local shop, selling toys or tins of beans. The café that’s not part of a chain but pours a decent coffee. The town centre or community that’s nearby and can stay vibrant, if we all contribute, just a little.
If it’s a chain, let the market decide. If it’s local and valuable, let’s stand together and keep it alive.