Toys”R”Us CEO Resigns After Holiday Sales Decline
Toys“R”Us Chief Executive Officer Gerald Storch will step down following a drop in holiday sales at the world’s largest toy-store chain. Storch, 56, joined the company in 2006 after Bain Capital Partners LLC, KKR & Co. and Vornado Realty Trust purchased Toys”R”Us for $6.6 billion. He will remain chairman and stay on as CEO during a search for his replacement, the Wayne, N.J.-based company said today in a statement. While Storch improved profitability, the chain has struggled to boost sales amid competition from Amazon.com and discount retailers Wal-Mart and Target.