Toys "R" Us, $4.9bn in debt, files for bankruptcy

Toys

Toys "R" Us, $4.9bn in debt, files for bankruptcy

Major retailers including Macy's and Sears shut down hundreds of stores due to the competition with discounters like Wal-Mart and Amazon. Over the past three decades, the Company has given more than $100 million in product donations to children's charities.

Toys "R" Us Inc, the largest toy store chain in the US, filed for bankruptcy protection on Monday, as it struggled to pay billions in debt.

A UBS note on Tuesday also highlighted the impact the dependency of the holiday season has had on Toys R Us.

With the possible business restructuring in mind, the bankruptcy filing may have placed at around 64,000 positions in the company at risk of job cuts, Daily Express reported.

"While today's decision does not necessarily mean it is game over for Toys "R" Us, it brings to a close a turbulent chapter in the iconic company's history", said Neil Saunders, managing director of GlobalData Retail.

"Our customers around the world can continue to count on an outstanding shopping experience and excellent service whenever, wherever and however they choose to shop with us", he said.

While the chain's bankruptcy filing in North America may cause jitters for retailers, toy sales in Singapore are expected to continue to grow this year, analysts said.

USA debtor-in-position loans allow a company to tap new lenders who get preferential security, while it goes through Chapter 11, helping the business trade throughout its insolvency process.

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Alfonso Nocilla, a law lecturer at the University of Western Ontario, also said the toy chain's Canadian arm may be impacted by "potential damage to the brand name" as the company goes through the restructuring process. Or Toys "R" Us may soon refocus to stay on top of the latest gaming releases. The manufacturers offer this support because they want a place to sell toys at full price, year round.

Toys "R" Us only put certain of its businesses in bankruptcy.

I'm sure I'm not the only one my age who feels a little bad for Toys R Us.

A spokesperson for Mattel Inc., which makes Barbie and Hot Wheels, could not immediately be reached for comment.

Times are changing but we still hope to encourage our younger generation especially to continue finding joy in a simple toy! Lazarus stepped down as chairman and CEO in 1994.

Toys R Us was taken private in 2005, acquired by the investment firms Bain Capital, KKR & Co. and Vornado Realty Trust in a deal financed mostly with debt.

It was being lined up for a stock market flotation, but the plans were scuppered by weak financial performance. In the early 1990s, sales grew at a 10 percent annual clip; past year, they dipped 2.2 percent.

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