Toys "R" Us, Inc. has abandoned its long-running plan to file an initial public offering, according to the Wall Street Journal. The IPO, which was first registered in May 2010, was planned as a liquidity event for the private equity funds that bought the company in 2005.
The company cited bad market conditions and its recent management change (CEO Jerry Storch said in February that he would be stepping down from his post).
Toys R Us has been battling intense competition from Walmart (see "Toys "R" Us, others Complain About Walmart Price Ads") and Amazon (see "Amazon Winning Toy Price War").
TRU same store sales declined 4.5% vs. the previous year in the holiday quarter.
