Toys 'R' Us enters bankruptcy protection; all stores to remain open

The mostly empty shelves of a Toys

The retailer issued a statement late Monday night announcing its filing, but noted that its almost 1,600 Toys R Us and Babies R Us stores will not be affected by the bankruptcy and will remain open through the upcoming holiday season.

USA toy retailer Toys "R" Us has filed for bankruptcy protection in the U.S. and in Canada in a bid to restructure its debts.

Toys R Us filed for Chapter 11 as part of a financial restructuring of $4.9 billion in debt, including a $400 million interest payment due next year and a $1.7 billion interest payment due in 2019.

In the statement, in which it declared "the dawn of a new era at Toys R Us", the retailer said its stores will function as before, with its customer programs, sales, and promotions running uninterrupted and its stores fully stocked.

Toys "R" Us (Asia) is a joint venture between the Wayne, New Jersey-based company and Fung Retailing Ltd., a privately held entity and member of the Hong Kong-based Fung Group.

Toys R Us also says that it will continue to treat employees the same during its bankruptcy.


Anyway, we hoped many kids would get to experience the trips to Toys "R" Us as they grow up, just as we had dreamed of taking our kids to the Woolworths Pick and Mix aisle.

The toymaker said all Toys "R" Us and Babies "R" Us stores would remain in operation.

Mattel said in its annual report that it typically makes sales on credit, without collateral, and it warned that a bankruptcy filing by any major customer could significantly affect revenue and profitability.

The company's move has proven that retailers, either big or small, are facing the distress brought by online shopping platforms like Amazon.com and discount stores like Wal-Mart Stores Inc.

Although that's subject to court approval, Toys R Us said it "is expected to immediately improve the Company's financial health and support its ongoing operations during the court-supervised process".

Toys R Us isn't the only toy seller that's is struggling.

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