Toys R Us files for bankruptcy, but stores to remain open

Nicholas Mann 4 visiting New York with his family from Ohio plays on the FAO Schwarz teddy bear on Fifth Avenue in 2001

Nicholas Mann 4 visiting New York with his family from Ohio plays on the FAO Schwarz teddy bear on Fifth Avenue in 2001

"Our objective is to work with our debt holders and other creditors to restructure the $5bn of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business", said chief executive Dave Brandon.

The filing comes as the New Jersey-based toy retailer grapples with $4.9 billion in debt, including $400 million in interest payments due in 2018 and $1.7 billion due in 2019.

Toys R Us filed for Chapter 11 bankruptcy protection on Monday, but stressed that its stores and online marketplace will operate as usual during the upcoming holiday season.

The loan, according to the report, would reassure the vendors that it will be able to pay for the portion of orders the retailer still needs.

Toys" R " Us stores are located on Route 224 in Boardman and in the Eastwood Mall Complex in Niles. The Company's operations outside of the U.S. and Canada are not part of the Chapter 11 ling and CCAA proceedings. "As the holiday season approaches, our global team members are ready to serve the millions of kids and families who will be shopping with us".

Chelsea FC's run of red cards leaves coach Antonio Conte bemused
Alexandre Lacazette was in the right place for the rebound but he could not keep his effort from sailing over the bar. Every game against Arsenal is always very tough, we knew very well what type of game we had to face.

Many major retailers, including Macy's and Sears Holding Corp, have closed hundreds of outlets in their struggle to compete with discount stores like Walmart and online retailers like Amazon.

The company is headquartered in Wayne, N.J.

Various lenders including JPMorgan have already committed as much as $3bn already to financing the attempted company turn around.

The company said it is not closing any of its approximately 1,600 stores, and its online service will remain operational. Jakks Pacific Inc, a smaller USA toy company that also relies on Toys "R" Us for its business, fell 7.2 percent to $2.83. He started a baby furniture store in Washington, D.C. prior to opening the first Toys "R" Us store in 1957.

The bankruptcy of Toys "R" Us brings to an end one turbulent chapter of the company's history, said an analyst on Wall Street.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.