Toys R Us files for bankruptcy protection in the US and Caanda
US toy retailer Toys R Us has filed for bankruptcy protection as it struggles against heavy debt.
In a statement, the retailer said around 1,600 Toys R Us and Babies R Us stores and ecommerce sites around the world will remain open for business as it implements a court-supervised process in the US and Canada that will allow the company to restructure its finances.
The retailer’s operations outside the US and Canada, including those in Europe and Australia and its licensed stores and joint venture partnership in Asia, are not part of the Chapter 11 filing and CCAA proceedings.
The company said it expects the process will enable it to restructure its outstanding debt.
Dave Brandon, chairman and chief executive of Toys R Us, said: “We are confident that we are taking the right steps to ensure that the iconic Toys R Us and Babies R Us brands live on for many generations.
“Our customers around the world can continue to count on an outstanding shopping experience and excellent service whenever, wherever and however they choose to shop with us. 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.”
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