Economy

Toys "R" Us files for bankruptcy

Toys

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".

Brandon does not mention in said statement that Toys "R" Us owes its suppliers millions - according to court documents and a report from The Wall Street Journal, the retailer owes unsecured suppliers more than $200 million.

"Like any retailer, decisions about any future store closings - and openings - will continue to be made based on what makes the best sense for the business", Michael Freitag, a spokesman for Toys "R" Us, said in an email.

The Chapter 11 filing comes ahead of the all-important Christmas season, which makes up a large chunk of the group's annual sales.

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Rest easy, kids. Toys "R" Us Inc. isn't going anywhere, at least not if the makers of Barbie and Transformers have their way. Amazon's recent acquisition of high-end grocer Whole Foods Markets Inc stirred speculation that the online giant will use its pricing power and huge reach among United States consumers to go after market share of traditional brick-and-mortar grocers. The company's stock dropped 6% on Monday amid news of the retailer's Chapter 11 filing, hitting its lowest level since 2009.

In its fight to stay relevant, Toys "R" Us amassed $5 billion in debt.

Various lenders including JPMorgan have already committed as much as $3bn already to financing the attempted company turn around. "Total toy exports from China have been growing every year and growth remains strong so we don't see it as an industry problem", he said.

Toys R Us follows several other retail chains that have sought bankruptcy protection because of the shift in retail spending habits, including shoe chain Payless ShoeSource Inc., children's clothing seller Gymboree Corp. and jeans retailer True Religion Apparel Inc.

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He added that Toys "R" Us customers from all over the world can still shop as the company's global staff is "ready to serve" those who will be stepping or clicking inside their stores, be it physical or online.

"The SNES Mini will be available in our stores on 9/29", the company announced on Twitter. Toys " R " Us, Inc.is the world's leading dedicated toy and baby products retailer, offering a differentiated shopping experience through its family of brands. Amazon and Toys "R" Us settled the case in 2009. The company is now struggling with about $5 billion in debt, and hopes the bankruptcy filing can help them restructure while still keeping their stores open for the holiday season.

With its spacious, high-ceiling stores that hold thousands of items, Toys R Us pioneered the big-box format for toy sales and once was the go-to destination for people shopping for toys, baby products and birthday gifts. Back then, KKR, Bain Capital, and Vornado Realty Trust acquired the toy retailer in a $7.5 billion leveraged buyout, and now find their investment wiped out.

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During the same time in 2014, oil was (and usually is) the main driver of pump prices, as crude traded between $65-$75 per barrel. The most expensive gas reported Sunday in the city was $3.31 at a North Patterson Street retailer, according to gasbuddy.


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