Toys 'R' Us Founder Charles Lazarus Dies At 94 Just Days After Chain's Announced Shutdown

Date March 23, 2018

When you hear the name Toys "R" Us, your face will probably light up because of all the great childhood memories. For many years, the retailer has been one of the best success stories. And Charles Lazarus, its genius founder, managed to create such a business model that drove smaller competitors out of the toy industry business.

Sadly, due to the stiff competition from Walmart, Amazon, and warehouse clubs like Costco, the company had to close more than 700 stores across the United States just a week ago. And today, the country is shaken by another heartbreaking news: the beloved founder has passed away at age 94.

To pay tribute to Lazarus, we decided to take a trip down the memory lane and talk about the achievements of this great man.

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After returning from the WWII, Charles decided to open a business selling carriages, cribs, and other furniture pieces for babies. But he quickly realized that the key to success was listening to the customers’ needs. And consumers needed more toys than furniture.

In 1957, Lazarus expanded his little shop into a supermarket selling toys at discount prices. It was a real success! By 1966, he had 4 stores that sold over $12 million worth of toys annually. Since then, the businessman has started a chain of shops worldwide, expanding to many countries. Unfortunately, after he left, the chain could not find a model to compete with other retailers with lower prices.

Getting to know the sad news, people around the world rushed to social media platforms to express their condolences.

Here are some of the tweets shared today

Rest in peace, Charles Lazarus!

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