Toys 'R' Us' 600 holiday shops = 10,000 jobs

By Ben Rooney, staff reporter


NEW YORK (CNNMoney.com) -- Toys "R" Us said Thursday that it plans to open about 600 temporary stores across the nation, more than six times last year's count, and hire some 10,000 workers for the holiday season.

The retailer said it began opening the Toys "R" Us Express locations in June. About 300 of the "pop-up" stores have already opened in malls and shopping centers nation wide, Toys "R" Us said in a press release. Last year, the company opened 90 Express stores.

To staff the new locations, most of which will close in January, the company plans to hire an estimated 10,000 associates. The temporary positions would be in addition to the seasonal hiring Toys "R" Us does every year at its permanent locations.

"We are pleased that this significant expansion of our Toys"R"Us Express initiative also creates thousands of new jobs beyond our usual seasonal workforce build," chief executive Jerry Storch said in a statement.

The company said it will look for opportunities to keep certain temporary stores open after the holiday. It converted four Express stores into permanent locations last year.

The announcement came as Toys "R" Us looks to become more competitive with big-box stores Target (TGT, Fortune 500) and Wal-Mart (WMT, Fortune 500) ahead of the all-important holiday sales period, when retailers make the bulk of their profits.

Toys "R" Us, which operates 1,560 stores in the United States and 510 overseas, announced plans in late May to raise $800 million in stock through an initial public offering, which has yet to occur.

The Wayne, N.J.-based retailer has been privately held since 2006, when investors KKR Group, Bain Capital and Vornado Realty Trust took over the company in a $6.6 billion leveraged buyout.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,106.70 29.83 0.17%
Nasdaq 4,570.64 13.29 0.29%
S&P 500 2,000.02 2.10 0.11%
Treasuries 2.39 0.00 0.17%
Data as of 7:41am ET
Company Price Change % Change
Bank of America Corp... 16.33 0.04 0.25%
Apple Inc 100.89 -0.65 -0.64%
Best Buy Co Inc 29.80 0.00 0.00%
General Electric Co 26.01 -0.19 -0.73%
Facebook Inc 75.96 0.94 1.25%
Data as of Aug 26

Sections

Shrinking demand for rifles pulls down gun maker's quarterly profit by 45%. More

University of Utah professor Michael Glauser cycled 4,000 miles this summer, visiting 100 entrepreneurs across the country. Here's a snapshot of how they grew their businesses. More

Apple is expected to launch the iPhone 6 in two weeks, but waiting until then to sell your old iPhone means you're way late to the game. More

The Coolest Cooler launched a Kickstarter campaign in July and has raised over $9 million so far, the second highest grossing campaign ever. More

Mary Fallon, from Durham, Maine, is a mother of three children, two dogs, 25 chickens and a flock of 22 sheep. Here are journal entries from a day in her life. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.