Toys ‘R’ Us acting chief Antonio Urcelay has officially been named CEO of the New Jersey-based mega retailer as it gears up for the crucial holiday season. Meanwhile, retail exec Hank Mullany has been named president of TRU’s American operations, effective November 5.

Urcelay has been serving as the company’s interim CEO since May following the departure of Gerry Storch as CEO earlier this year.  He holds an extensive track record in global markets and will be further pushing the company’s expansion through Asia and other global territories. Urcelay joined Toys ‘R’ Us in 1996.

New president of US operations Mullany previously served as CEO of The ServiceMaster Company, and prior to that he was EVP of Walmart US and president of Walmart’s northern business. In his new position, Mullany will oversee all merchandising, marketing, e-commerce and store operations responsibilities for the 878 US store divisions.

TRU’s more than 1,500 global stores are heading into crunch time after witnessing a 6.9% drop in sales last quarter. The toy retailer is banking more than ever on the highly competitive holiday months ahead, as it sees continued weakness in the electronics, videogame hardware and software categories. The company has already initiated a number of US-based programs, including an enhanced Price Match Gaurantee, to try and secure more pre-holiday toy sales.