Toys "R" Us is closing its doors after 70 years in business. The toy retailer will close all of its stores and plans to liquidate the remaining inventory. In total, Toys "R" Us had around 800 stores. This means that approximately 33,000 people will lose their jobs. The company filed for bankruptcy six months ago and has been struggling to restructure its debt since then.
In other bankruptcy news, iHeartMedia is filing for bankruptcy protection. The largest U.S. radio company said it reached an in-principle agreement with investors to restructure its debt.
Currently, the company has more than $20 billion in debt. iHeartMedia, which owns iHeartRadio, has been faced with declining sales and a shrinking customer base in recent years.
The former CEO of Walmart.com joins us to talk about his new book. Carter Cast gives readers an honest look at his own career path in "The Right and Wrong Stuff: How Brilliant Careers Are Made and Unmade." He opens up to Cheddar about his many successes and failures over the years.
Plus, we talk to the cast of "Love, Simon" about their new movie that hits theaters this Friday. Jennifer Garner stars alongside Nick Robinson and Katherine Langford from Netflix's "13 Reasons Why" in this coming-of-age story. The cast agrees that the time was right for this film, which centers around a gay high school student. "Love, Simon" hits theaters Friday, March 16.
Shark Tank star Barbara Corcoran reveals how she is handling all of this recession news, the best time to buy a home and what she looks for when hiring. Watch!
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
