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Home›Business›Toys ‘R’ Us is preparing to file for bankruptcy, sources say

Toys ‘R’ Us is preparing to file for bankruptcy, sources say

By admin
September 19, 2017
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Toys “R” Us Inc., which has struggled to lift its fortunes since a buyout loaded the retailer with debt more than a decade ago, is preparing a bankruptcy filing as soon as today, according to people familiar with the situation.

The Chapter 11 reorganization of America’s largest toy chain would deal another blow to a brick-and-mortar industry that’s already reeling from store closures, sluggish mall traffic and the threat of Amazon.com Inc.

Filing for bankruptcy would allow Toys “R” Us to restructure $400 million (U.S.) in debt that comes due next year, potentially letting the chain rebuild as a leaner organization. The retailer has hired a claims agent, which typically helps with administering such a process, people with knowledge of the situation said last week. And its vendors have been curtailing shipments amid concern that Toys “R” Us might not be able to pay its bills.

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