Toys R Us closure could mean loss of tax revenue for Wayne
The closure of Wayne-based Toys R Us could mean a loss of millions in tax revenue for the town.
The toy company announced last month that it would be closing all of its U.S.-based stores. But its corporate headquarters in Wayne will also be shutting its doors.
Toys R Us is Wayne’s largest taxpayer, according to public tax records. It pays more than $2 million to Wayne per year. Over 1,000 people work in the corporate office.
“I grew up with Toys R Us being the only toy store,” says Ringwood resident Lisa White. “It’s kind of sad to see it go. A lot of people losing jobs. That’s not good for anybody.”
The future of the Toys R Us campus on the Hamburg Turnpike remains uncertain. There are reports that the town would like to see another corporate tenant move in. Other options include redeveloping the property or reconfiguring it for multiple office tenants. The land could also be rezoned to possibly allow for residential buildings.
Some Wayne residents tell News 12 New Jersey that they hope that losing such a large taxpayer in town does not affect their wallets.
“We don’t want our taxes to go up,” says resident Vincent Glenn. “We need rateables. We need companies that are comfortable within our township.”
Toys R Us is planning to auction off many of its store leases to other large retailers.
The company has not yet said what will happen to the corporate headquarters, which reportedly will close in May.