Founder of Toys R Us Passes Away at 94

There’s more sad news for Toys R Us. Charles Lazarus, the founder of Toys R Us Inc. has passed away at the age of 94 in Manhattan, New York City today. This is a week after Toys R Us announced that it be shutting down its stores in America. Charles Lazarus stepped down as CEO in 1994.

The first Toys R Us store was opened in 1957 and then expanded quite rapidly using its toy supermarket formula by driving out smaller toy retailer competitors.  It became the largest toy store chain in the world with offerings of toys year round and not just during Christmas time. However, they are no longer able to compete in the digital age with online shopping and mobile games. In addition, it had a high debt load which made it difficult for them to continue to improve and innovate its existing stores and its online website. Thanks to Fortune for the news.