Toys 'R' Us; Lowe's; Credit Cards

The numbers you need to know today

January 24, 2018

Store Closures: Toys "R" Us is planning to close roughly 180 of its locations, and convert a number of its stores into co-branded Toys "R" Us and Babies "R" Us stores. In a note to its customers, the company's chairman and CEO, Dave Brandon, said the store closings are expected to begin in early February, with the majority of locations closing in mid-April. According to eMarketer Retail's companies database, Toys "R" Us comparable sales declined 4.5% in Q3 2017. 

US Loves Credit Cards: US consumers remain wedded to plastic. The US had the highest rate of credit card purchases in a survey of several countries conducted by YouGov. Eighty-six percent of US respondents said they used credit cards at least sometimes for purchases. The UK was in second place, followed by Sweden. Indonesia had the strongest affinity for cash as a payment method, the survey found.

Better Support: Lowe's is hiring more than 53,000 employees to "help during home improvement's busiest season." According to the retailer, these seasonal part- and full-time positions will support its stores between March and September. Lowe's comparable sales grew 4.5% in Q2 2017, per our companies database.