Reshuffle At Toys R Us

Toys R Us said its founder and chairman Charles Lazarus is stepping aside in a shuffling of its executive ranks and the company's fiscal year results, despite record sales, will not meet expectations. Vice chairman and CEO Michael Goldstein will replace Lazarus. Goldstein said he wanted to work part-time, which opened his post up for Robert Nakasone to be promoted to chief executive officer from president and chief operating officer. Toys R Us said sales for the 48-weeks ended January 3, 1998 totaled $10.5 billion, up 11 per cent from the year ago period. Net income for the first nine months of the fiscal year were $111.8 million, or $0.39 a share, on sales of $6.06 billion.