Thursday, 14 December, 2017

Toys 'R' Us files for bankruptcy

Hurricane Maria Batters Guadeloupe Hurricane Maria Batters Guadeloupe
Andrew Cummings | 20 September, 2017, 01:01

The retail chain is about to file for bankruptcy in the USA and Canada, as the company has a huge debt to deal with, according to Bloomberg, who expects this might happen as soon as today. But in a statement sent to various media outlets, chairman and CEO Dave Brandon was optimistic about the future of the chain.

By filing for Chapter 11 bankruptcy, Toys "R" Us is aiming to relieve itself of billions of dollars of debt and restructure its financial model and customer experience in order to keep its business alive.

Toys R Us has approximately 1,600 stores around the world, which Brandon confirmed are still mostly profitable. The prominent toy retailer which possessed a towering flagship in New York Times Square and its icon, Geoffrey the Girraffe, even purchased rival FAO Schwarz.

The filing from Toys "R" Us is just the latest blow to an already-struggling retail market, which has seen national chains Gymboree, Payless, The Limited, Radio Shack, hhgregg and Gander Mountain seek bankruptcy protection.

The company filed its paperwork with the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond. The company is planning to work with investors to address their debt of almost $5 billion.

Trump at the UN General AssemblyAP  Evan Vucci
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CNBC reports the toy giant has hired restructuring lawyers at Kirkland & Ellis to help address a $400 million debt that's due in 2018.

Fitch Ratings on Monday downgraded the long-term issuer default ratings (IDRs) for Toys "R" Us.

A major longtime retailer of toys, games and other fun items has filed for bankruptcy. Toys "R" Us was once so dominant it was referred to as a "category killer", so strong that neither smaller specialists nor department stores could compete with it.

According to USA Today, the store has plans to renegotiate its leases for cheaper rent, convert some of its existing properties into side-by-side Toys R Us and Babies R Us brands, and improve its recently launched online store.

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