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<title>Toys &quot;R&quot; Us, Inc. Form 8-K 021805</title>
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<p align="center"><b><font size="3">UNITED STATES<br />
SECURITIES AND EXCHANGE COMMISSION<br />
Washington, D.C.&nbsp;&nbsp;20549<br />
</font></b></p>

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<p align="center"><b><font size="3"><br />
</font><font size="5">FORM 8-K</font><br />
<br />
<br />
CURRENT REPORT<br />
PURSUANT TO SECTION 13 OR 15(d) OF THE<br />
&nbsp; SECURITIES EXCHANGE ACT OF 1934<br />
<br />
</b></p>

<p align="center"><font size="3">Date of report (Date of earliest event reported): &nbsp;&nbsp;February
18, 2005</font></p>

<p align="center">&nbsp;</p>

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<p align="center"><b><u><font size="3">TOYS &ldquo;R&rdquo; US, INC.</font></u></b></p>
</td>
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<p align="center"><font size="3">(Exact Name of Registrant as Specified in Charter)</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p align="center"><b><u><font size="3">&nbsp;&nbsp; Delaware&nbsp;&nbsp;&nbsp;</font></u></b></p>
</td>
<td valign="bottom" width="16"></td>
<td valign="bottom" width="164">
<p align="center"><b><u><font size="3">&nbsp;&nbsp; 1-11609&nbsp;&nbsp;&nbsp;</font></u></b></p>
</td>
<td valign="bottom" width="36"></td>
<td valign="bottom" width="189">
<p align="center"><b><u><font size="3">&nbsp;&nbsp; 22-3260693&nbsp;&nbsp;&nbsp;</font></u></b></p>
</td>
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<tr>
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<p align="center"><font size="3">(State or Other Jurisdiction<br />
 of Incorporation)</font></p>
</td>
<td valign="bottom" width="16"></td>
<td valign="bottom" width="164">
<p align="center"><font size="3">(Commission<br />
 File Number)</font></p>
</td>
<td valign="bottom" width="36"></td>
<td valign="bottom" width="189">
<p align="center"><font size="3">(IRS Employer<br />
 Identification No.)</font></p>
</td>
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<tr>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<td colspan="5" valign="bottom" width="614">
<p align="center"><b><font size="3"><u>&nbsp;&nbsp;&nbsp;&nbsp; One Geoffrey Way,&nbsp;Wayne, New Jersey
07470&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></b></p>
</td>
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<p align="center"><font size="3">(Address of Principal Executive Offices,
including Zip Code)</font></p>
</td>
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<tr>
<td valign="bottom" width="205">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="164">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<td colspan="5" valign="bottom" width="616">
<p align="center"><b><u><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(973) 617-3500&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
</td>
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<tr>
<td colspan="5" valign="bottom" width="616" align="center"><font size="3">Registrant&rsquo;s Telephone Number, including
  Area Code</font></td>
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<tr>
<td valign="bottom" width="205">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="16">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="164">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="36">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="bottom" width="189">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">____________________________</font></p>
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<td colspan="5" valign="bottom" width="597">
<p align="center"><font size="3">(Former Name or Former Address, if Changed
Since Last Report)</font></p>
</td>
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<tr>
<td colspan="5" valign="bottom" width="597"><br>
</td>
</tr>

</table>
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      <td width="100%">
        <p align="left"><font size="2">Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy
        the filing obligation&nbsp;<br>
 of the registrant under any of the following provisions (see General
        Instruction A.2. below):</font></p>
        <p align="left"><font size="2">[&nbsp;&nbsp;] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
        [&nbsp;&nbsp;] Soliciting material pursuant to Rule 14a-12 under the
        Exchange Act (17 CFR 240.14a-12)<br>
        [&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
        [&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td>
    </tr>
  </table>
  </center>
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<p>&nbsp;</p>

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<p><b><u><font size="3">Item 4.02.</font></u></b></p>
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<td valign="top" width="52" height="21"></td>
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<p><b>Non-Reliance on Previously Issued Financial Statements or Related Audit
Report or Completed Interim Review</b></p>
</td>
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<tr>
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<td valign="top" width="6" height="21"></td>
<td valign="top" width="52" height="21"></td>
<td valign="top" colspan="2" width="836" height="21">&nbsp;</td>
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<td valign="top" colspan="2" width="836" height="135">
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On February 18, 2005, Toys &quot;R&quot; Us,
Inc. (the &quot;Company&quot;) announced in a press release that it is reviewing
its current method of accounting for leases and leasehold improvements as a
result of views expressed by the Office of the Chief Accountant of the
Securities and Exchange Commission in a February 7, 2005 letter to the American
Institute of Certified Public Accountants regarding certain operating lease
accounting issues and their application under generally accepted accounting
principles. Many companies in the retail and restaurant industries have recently
announced that they will be correcting their accounting for leases and leasehold
improvements.
<p>Based on a preliminary review of the Company's accounting practices by its
management, the Company will be required to correct an error in its accounting
practices to conform the lease term used in calculating straight line rent
expense with the term used to amortize improvements on leased property. As a
result, the Company will be required to either lengthen the term for calculating
rent expense to include option periods with escalating rents, which would
generally have the effect of increasing rent expense, or shorten the
depreciation or amortization period for leasehold improvements, which would have
the effect of increasing annual depreciation and amortization expense.</p>
<p>The change in lease accounting and resulting non-cash adjustments will not
have any effect on the Company's historical cash flows or the timing of payments
under the related leases.</p>
<p>While the Company has not yet quantified the effects of the change in lease
accounting, based on its preliminary review, the Company's audit committee and
management concluded, at a meeting on February 17, 2005, that restatements of
financial statements for prior fiscal years and periods will be required and
that, accordingly, the Company's previously issued financial statements included
in its annual report on Form 10-K for the year ended January 31, 2004 and in its
quarterly reports on Form 10-Q filed during the fiscal year ended January 29,
2005 should not be relied upon. The audit committee and management have
discussed these accounting matters with the Company's independent auditors.</p>
<p>The Company expects that the full review of these accounting matters by the
Company and its independent auditors will be completed and disclosed at the time
of its earnings release for the 2004 fiscal year.</p>
<p>A copy of the press release is attached as Exhibit 99.1 hereto.
</td>
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<p><b><u><font size="3">Item 9.01.</font></u></b></p>
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<p><b>Financial Statements and Exhibits.</b></p>
</td>
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<p></p>
</td>
<td valign="top" width="6" height="21">
<p><b><font size="3">&nbsp;</font></b></p>
</td>
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<p><b><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="top" colspan="2" width="836" height="21">
<p></p>
</td>
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<p><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<td valign="top" width="52" height="21"></td>
<td valign="top" width="72" height="21"><u>Exhibit</u></td>
<td valign="top" width="762" height="21"><u>Description</u></td>
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<tr>
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<p></p>
</td>
<td valign="top" width="6" height="21">
<p><font size="3">&nbsp;</font></p>
</td>
<td valign="top" width="52" height="21"></td>
<td valign="top" width="72" height="21">
<p></p>
</td>
<td valign="top" width="762" height="21">
</td>
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</td>
<td valign="top" width="6" height="16"></td>
<td valign="top" width="52" height="16"></td>
<td valign="top" width="72" height="16">99.1</td>
<td valign="top" width="762" height="16">Press Release dated February 18, 2005.</td>
</tr>

<tr>
<td valign="top" width="81" height="16">
</td>
<td valign="top" width="6" height="16"></td>
<td valign="top" width="52" height="16"></td>
<td valign="top" width="72" height="16"></td>
<td valign="top" width="762" height="16"></td>
</tr>

</table>

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<p align="center">&nbsp;</p>

<p align="center"><b><font size="3">SIGNATURES</font></b></p>

<p align="center">&nbsp;</p>

<p>Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</p>

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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="left"><b><u><font size="3">Toys &ldquo;R&rdquo; Us, Inc.</font></u></b></p>
</td>
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<tr>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<tr>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<tr>
<td valign="top">
<p align="center"><font size="3">Date:</font> &nbsp;&nbsp;February 18, 2005</p>
</td>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3">By:&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><u><font size="3">/s/ Raymond L. Arthur</font></u></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3">Raymond L. Arthur</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font size="3">Executive Vice President -</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top">
<p><font size="3">Chief Financial Officer</font></p>
</td>
</tr>
</table>
</div>

<p align="center">&nbsp;</p>

<div align="center">
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Toys "R" Us, Inc. Form 8-K 021805
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):   February
18, 2005
TOYS "R" US, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
1-11609
22-3260693
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
One Geoffrey Way, Wayne, New Jersey
07470
(Address of Principal Executive Offices,
including Zip Code)
(973) 617-3500
Registrant's Telephone Number, including
  Area Code
____________________________
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy
        the filing obligation
of the registrant under any of the following provisions (see General
        Instruction A.2. below):
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ] Soliciting material pursuant to Rule 14a-12 under the
        Exchange Act (17 CFR 240.14a-12)
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 4.02.
Non-Reliance on Previously Issued Financial Statements or Related Audit
Report or Completed Interim Review
(a)      On February 18, 2005, Toys "R" Us,
Inc. (the "Company") announced in a press release that it is reviewing
its current method of accounting for leases and leasehold improvements as a
result of views expressed by the Office of the Chief Accountant of the
Securities and Exchange Commission in a February 7, 2005 letter to the American
Institute of Certified Public Accountants regarding certain operating lease
accounting issues and their application under generally accepted accounting
principles. Many companies in the retail and restaurant industries have recently
announced that they will be correcting their accounting for leases and leasehold
improvements.
Based on a preliminary review of the Company's accounting practices by its
management, the Company will be required to correct an error in its accounting
practices to conform the lease term used in calculating straight line rent
expense with the term used to amortize improvements on leased property. As a
result, the Company will be required to either lengthen the term for calculating
rent expense to include option periods with escalating rents, which would
generally have the effect of increasing rent expense, or shorten the
depreciation or amortization period for leasehold improvements, which would have
the effect of increasing annual depreciation and amortization expense.
The change in lease accounting and resulting non-cash adjustments will not
have any effect on the Company's historical cash flows or the timing of payments
under the related leases.
While the Company has not yet quantified the effects of the change in lease
accounting, based on its preliminary review, the Company's audit committee and
management concluded, at a meeting on February 17, 2005, that restatements of
financial statements for prior fiscal years and periods will be required and
that, accordingly, the Company's previously issued financial statements included
in its annual report on Form 10-K for the year ended January 31, 2004 and in its
quarterly reports on Form 10-Q filed during the fiscal year ended January 29,
2005 should not be relied upon. The audit committee and management have
discussed these accounting matters with the Company's independent auditors.
The Company expects that the full review of these accounting matters by the
Company and its independent auditors will be completed and disclosed at the time
of its earnings release for the 2004 fiscal year.
A copy of the press release is attached as Exhibit 99.1 hereto.
Item 9.01.
Financial Statements and Exhibits.
Exhibit
Description
99.1
Press Release dated February 18, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Toys "R" Us, Inc.
Date:
February 18, 2005
By:
/s/ Raymond L. Arthur
Raymond L. Arthur
Executive Vice President -
Chief Financial Officer