Toys ’R’ Us CEO Resigns After Holiday Sales Decline
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Toys “R” Us Inc. 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, New Jersey-based company said today in a statement.