Toys R Us files for bankruptcy protection
Toys R Us, the pioneering big box toy retailer, has announced it has filed for Chapter 11 bankruptcy protection in the US and Canada, while continuing with normal business operations.
A statement by the company, based in Wayne, New Jersey, said it is voluntarily seeking relief in the US Bankruptcy Court for the Eastern District of Virginia in Richmond, and that its Canadian subsidiary is seeking similar protection through a Canadian court.
Toys R Us said court-supervised proceedings will help restructure its outstanding debt and reorganise for long-term growth.
The company said separate operations outside the US and Canada, including more than 250 licensed stores and a joint venture partnership in Asia, are not part of the filings.
It emphasises that its approximately 1,600 locations remain open, working with suppliers and continuing to sell toys and games.