Charles Lazarus, the founder of the iconic but struggling Toys ‘R’ Us, has passed away at the age 94, the company confirmed.
News of Lazarus’s death comes week after the toy chain that captured the hearts of children for generations filed for bankruptcy.
“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,” read a statement obtained by multiple outlets. “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.”
Lazarus, who no longer had a stake in the company, started Toys ‘R’ Us 70 years ago in Washington, D.C.
The company has struggled as competition from Amazon and Walmart intensified in recent years.