American doll stores are closing in 2018 as the US dollar to pesos exchange rate has fallen to a new low.
American doll retailer MRS Beasley Doll will close its doors in 2018 after more than a decade of operation, according to a statement.
The company, which is based in Los Angeles, said it would close the doors to its stores and close its sales office by the end of March 2018.
It said it will keep working with its associates to sell its merchandise online.
MRS said it planned to continue to provide customers with products from MRS brands including the popular dolls like Barbie, Scarlett, Little Miss Sunshine and Lil Bub.
The retailer said it also plans to keep providing customer service and to continue selling its MRS branded products in its stores.
Mrs Beasley said it was “concerned” by the “price war” in the US market and said the loss of sales would be felt most severely by its smaller customers.
“We are committed to keeping our stores open for our loyal customer base, and we will continue to offer our MRS brand to those customers that have been loyal to us over the past 10 years,” MRS Doll’s CEO, Mark O’Neil, said in the statement.
“Our stores are in a tough time in the United States, with more than 30% of our stores closing in the past 12 months, and our international customers are also in a tight spot.
Our stores are not going anywhere, and will continue serving our loyal customers.”
MRS has been one of the US’s largest retailers, selling more than $5 billion in dolls, clothing and accessories in 2018.
The US has fallen behind China in the global doll market, with the country now selling more dolls than the US, according a report from the New York Times.
“I don’t think anyone in this country is going to go into the US for the long term,” said Kevin Coughlin, vice president of retail at Coughlins Dolls.
“That’s the challenge for this country.”
American doll retailers were also forced to close stores in the UK, the Netherlands, Japan, Hong Kong and Singapore after a slump in demand led to the collapse of the British pound, which prompted the closure of the Chinese market, and a decline in sales in Hong Kong, Singapore and the US.