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Toys 'R' Us files for bankruptcy protection

20 September 2017

Retail giant Toys "R" Us has voluntarily filed for bankruptcy protection in the USA and Canada in an attempt to restructure its debt and secure its future.

The iconic toy seller isn't the only one struggling, as the stock of toymakers Mattel and Hasbro fell 6.2 percent and 1.7 percent, respectively, upon the news of the bankruptcy filing by Toys R Us on Monday.

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Toys "R" Us has filed for Chapter 11 bankruptcy protection, the company announced. But in a statement sent to various media outlets, chairman and CEO Dave Brandon was optimistic about the future of the chain.

Meanwhile, operations outside North America, which include 255 licensed stores and joint venture partnerships in Asia are not part of the bankrupt proceedings and remain profitable, the company said in a statement.

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Stores in the United Kingdom and Asia are not part of these proceedings because they are separate entities, and all stores will remain open and in business until Toys "R" Us announces otherwise.

The company, which is 60 years old, was for many years the preeminent retailer for toys in the USA with a Times Square New York flagship location and its icon Geoffrey the Giraffe.

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The company actually made two filings - one for the USA and another for its operations in Canada. Toys "R" Us had more than $5 billion in long-term debt as of last April, and more than half of that sum is due for repayment over the next 12 months. The company has received $3 billion from previous lenders and a JPMorgan-led bank syndicate that will help "immediately improve" the businesses's financial issues and operations, according to Toys "R" Us. It's created to help keep the company afloat and other firms, including General Motors and United Airlines, are among the U.S. firms that have previously filed for bankruptcy protection and are still in business. However, Toys "R" Us is considered to be the biggest retailer to take the bullet so far. Two years later he started selling toys, according before opening the first Toys "R" Us branded shop in 1957.

Toys 'R' Us files for bankruptcy protection