Toys R Us to Cut Prices to Be More Competitive
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Toys R Us Inc. will cut prices on about 200 popular items to better compete with Wal-Mart Stores Inc. and Target Corp., which sell those toys at cost or less to attract customers, the company’s top executive, John Eyler, told shareholders at their annual meeting.
The retailer of toys, children’s clothes and accessories also plans to resume featuring its talking-giraffe mascot, Geoffrey, in ads targeting parents who grew up with the character.
The No. 2 U.S. toy seller also will begin testing new business strategies as part of an effort to increase its toy market share, now about 17%, to 20% as it nears the end of a costly restructuring and store remodeling that was partly responsible for losses in two of the last three quarters.
Toys R Us shares rose 27 cents to $18.13 on the New York Stock Exchange.
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