The Toys "R" Us liquidation sales are coming

The Toys "R" Us liquidation sales are coming

Consumers are going to have to wait a little longer to shop the Toys "R" Us liquidation sales.

The company had said it expected the sales to start Thursday. But there's been a delay, a company spokesperson told CNNMoney Thursday morning. It now expects sales to likely start Friday.

The iconic toy giant announced last week that it will shut or sell all of its 735 US stores.

Shoppers looking to snag a bargain should act fast when the sales start.

"It will be quick," said Chuck Tatelbaum, a director with Tripp Scott, a Florida law firm, on how quickly the shelves will empty. "No more than 60 days, closer to 30 days."

The more popular and favorite toys tend to move the fastest, and inventory is likely already slim.

"The [stores] haven't gotten a lot of new inventory in the last month or two, so a lot of the popular things have probably already sold out," said Tatelbaum.

Consumers with Toys "R" Us gift cards and Endless Earnings e-gift cards should also hurry. The retailer will honor these forms of payment until April 20. Stores will no longer accept coupons or other rewards.

Stores will accept returns on products purchased before the liquidation for the next 30 days. All purchases made after liquidation sales begin are final, which means they cannot be returned or exchanged.

Consumers planning on going to the store for one last walk up and down the aisles to reminisce could face a different reality.

"People will go for one last time, but I am not sure it will translate into buying," said Tatelbaum. "I think you are going to find a general malaise — not happy and joyful employees ... this is going to be almost like a wake."

The company has been posting job openings recently for temporary positions to help during the liquidation process.

But the store closings mean that around 31,000 employees will ultimately be laid off.

Ex-President Lee arrested on corruption charges

Ex-President Lee arrested on corruption charges


The courts on Thursday issued an arrest warrant for former President Lee Myung-bak, who is suspected of a string of allegations including bribery, embezzlement and power abuse.

The allegations against him include bribery of some 11 billion won ($10.3 million) from the state spy agency, individuals and conglomerates, such as Samsung.

The former president, who was in office from 2008 to 2013, is also viewed as the real owner of auto parts maker DAS, which has been involved in several irregularities, such as creating a slush fund totaling some 30 billion won.

In the 21-hour-long interrogation by the prosecution on Wednesday, Lee flatly denied his involvement in the wrongdoings, saying he was not aware of the incidents and that testimonies and evidence gathered by the prosecution have been fabricated.

Lee, however, admitted to receiving $100,000 from the state spy agency, which appears to have gone to his wife Kim Yoon-ok, but refused to reveal how the money was used.

Lee’s close aide Kim Paik-joon, who is currently standing trial over bribery linked to Lee, testified he received the illicit fund on behalf of Lee, and that the monk also appears to have admitted to his wrongdoing.

Moon’s constitutional amendment calls for four-year two term presidency

Moon’s constitutional amendment calls for four-year two term presidency

Cheong Wa Dae on Thursday revealed the final part of the government’s constitutional amendment bill that seeks to introduce a presidential system that allows two consecutive four-year terms.

In addition, the proposed bill includes measures to distribute the power of the president and lower the voting age. 

Cho Kuk, senior presidential secretary for civil affairs, also stressed that President Moon Jae-in would not be subject to the changed law if it is amended according to the government’s proposal. Citing Article 128 of the Constitution, he said President Moon would not be allowed to run for re-election after his single term ends in May 2022.

“The current five-year single term presidency was chosen in the last constitutional revision in 1987 following a long dictatorship,” Cho said during a press meeting. 

“Society is now ready to implement a four-year two term presidential system for a more stable management of state affairs.”

In the third and the last presentation of the government’s proposal for constitutional amendment, Cho also revealed plans to distribute presidential power and reform the election and judicial system. The government plans to submit its proposal to the National Assembly on Monday.

According to Cho, polls have shown the presidential system to be the most favored government structure despite criticism that too much power is vested in the president. 

The government proposes deleting phrases in the Constitution that it deems to depict the president as an “imperial” figure. 

Such expressions include “head of state” in Article 66 of the Constitution, which states that the president is the “head of state” and represents the state vis-a-vis foreign states.

Under the proposed changes, the phrase “under the orders of the president” used in reference to the duty of a prime minister would also be deleted to strengthen the authority of the prime minister’s office. 

Under Moon’s amendment plan, presidential pardons would have to be reviewed by an independent pardoning committee, and the Board of Audit and Inspection would be separated from the presidential office as an independent entity, Cho said. 

The right to appoint the chief justice of the Constitutional Court would be given to the justices so they can name their own chief.

The National Assembly would also be given more power under the government’s proposal, with more legislative and budget oversight rights, Cho explained. 

For the government to table a bill, it would need approval from at least 10 lawmakers, and the parliament would have the right to appoint three members of the nine-member Board of Audit and Inspection, which is entirely chosen by the president now.

But the proposed plan rejected the opposition parties’ calls to allow the National Assembly to appoint or recommend the prime minister, as it would not be different from a parliamentary cabinet system.

“Considering the political culture of Korea, there is a high possibility of conflict rising between the president and the prime minister named by the opposition-led parliament,” Cho said. “When a clash occurs in an emergency, the damage would solely fall on the citizens.” 

Cho also referred to local polls that showed the most preferred government structure is the presidential system, and that many had opposed the idea of the parliament appointing the prime minister.

Moon’s proposal also urged the election law to be changed from the current single member constituency system to be more balanced to ensure each voter exercises more equal voting rights. 

“The current system leads to excessive invalid ballots votes. The number of ballots cast for a party is not fairly represented by the number of parliamentary seats the party wins at the National Assembly,” Cho said. 

He said the presidential office would insert a new phrase, “the distribution of parliamentary seats should be proportional to the intent of the voters,” and urged the lawmakers to revise the election law.

The proposal also seeks to lower the voting age by a year to 18.

Cheong Wa Dae revealed elements of the bill concerning basic rights and decentralization on Tuesday and Wednesday, respectively.