Charles Lazarus, Toys R Us Founder, Dies At 94

Charles Lazarus, the founder of Toys R Us who was born in Washington D.C. and opened his first store in the nation's capital, has died, the company said. His death comes just as the once dominant toy retailer announced plans to shut down its operations in the U.S.

"There have been many sad moments for Toys“R”Us in recent weeks, and none more heartbreaking than today’s news about the passing of our beloved founder, Charles Lazarus," the company said in a statement. "He visited us in New Jersey just last year and we will forever be grateful for his positive energy, passion for the customer and love for children everywhere. Our thoughts and prayers are with Charles’ family and loved ones."

Lazarus's father had a bicycle shop in D.C. and he shadowed his father from a young age, according to Toys R Us' company history. Lazarus started a baby furniture store, Children's Bargain Town, in Washington D.C. at the age of 25. He later added toys to his store and restructured his business in the late 1950s, giving rise to Toys R Us.

"Following a supermarket store format enables Lazarus to stock a broader assortment of products and allowed customers to serve themselves and utilize carts to shop," the Toys R Us company history says.

According to CNN, Lazarus resigned as the CEO in 1994 and no longer held stake in the chain.

Toys R Us announced last week that it would be winding down operations in the U.S., selling or closing 735 stores. That "winding down" includes liquidating its inventory and holding going-out-of-business sales.

Slumping sales and mounting debt, which grew to about $5 billion, reportedly plagued Toys R Us when it filed for bankruptcy, although Toys R Us announced at the time that the "vast majority" of its 1,600 worldwide locations were profitable.

SEE ALSO: Toys R Us Liquidation Sales Delayed At All US Stores

Patch will update this report.

Photo via Autumn Johnson/Patch