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Toys 'R' Us CEO Nakasone quits

Published on .

Toys "R'' Us said CEO Robert C. Nakasone resigned Aug. 26, effective immediately, and that Chairman Michael Goldstein will be acting CEO while the company seeks a successor. Toys "R'' Us recently reported its second-quarter profit fell 14% from year-ago levels as it spent on its e-commerce site, toyrus.com, in a bid to catch up with Web-based toy retailers.

Last year Toys "R'' Us lost its crown as No. 1 toy retailer in the U.S. to Wal-Mart Stores. On the Web, eToys and Amazon.com have been aggressive toy retailers and Walt Disney Co. this week joined the fray by taking a major stake in online retailer Toysmart.com.

Mr. Goldstein said Mr. Nakasone's decision to resign was based on "differing views regarding the direction of the company.'' Mr. Nakasone also resigned his seat on the company board.

Toys "R'' Us recently named Leo Burnett USA, Chicago, to handle advertising for its stores and online division.

Copyright August 1999, Crain Communications Inc.

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