Toys 'R' Us files for bankruptcy amid online retail challenges

by Leon Thompson September 20, 2017, 0:29
Toys 'R' Us files for bankruptcy amid online retail challenges

Indeed, the company says its 1,600 Toys "R" Us and Babies "R" Us stores around the world and websites selling its products will still operate as usual.

Toys "R" Us filed for bankruptcy protection late Monday in a move that echoes a larger challenge faced by brick-and-mortar retailers.

Brandon expressed confidence in the looming reorganization, vowing that the iconic Toys R Us and Babies R Us brands known to shoppers for generations would continue on.

Toys "R" Us said stores outside Canada and the USA - it has 255 outlets in Asia and others in Europe, Britain and Australia - are not part of the bankruptcy filings.

The loan, according to the report, would reassure the vendors that it will be able to pay for the portion of orders the retailer still needs.

Toys "R" Us, which was supposed to enter India this month, is yet to open its stores.

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The company actually made two filings - one for the US and another for its operations in Canada.

Mattel said in its annual report that it typically makes sales on credit, without collateral, and it warned that a bankruptcy filing by any major customer could significantly affect revenue and profitability.

Customers that have concerns about shopping at Toys R Us for the holidays following its bankruptcy announcement have nothing to worry about. It came just a year after K-Mart and Sears merged in an $11 billion deal based on the idea that combining the real estate value of the struggling stores would strengthen both.

Toys "R" Us is the second-largest toy seller in the United States behind Amazon, according to consulting firm Kloster Trading Corp.

Toys "R" Us (Asia) is a joint venture with Fung Retailing, part of Hong Kong's privately-held Fung Group.

Brandon said the restructuring plan will give the company more financial flexibility to invest in growth. The company also notes that it has received a commitment for $3 billion in debtor-in-possession financing.

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