Toys "R" Us bankruptcy: Toy chain files Chapter 11; Will stores close?

20 September, 2017, 00:27 | Author: Felix Jensen
  • Nicholas Mann 4 visiting New York with his family from Ohio plays on the FAO Schwarz teddy bear on Fifth Avenue in 2001

Shares of USA toy companies Mattel Inc. and Hasbro Inc. fell on Monday on concerns that retailer Toys "R" Us, a major customer, could be filing for bankruptcy before the holiday sales season.

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.

The retail giant has now announced its north American arm is seeking "Chapter 11 protection" from the US Bankruptcy court.

Today, while still operating over 800 individual stores in the USA and almost as many internationally, Toys "R" Us is no longer the leading retailer for toy and juvenile products it once was. The company announcement also said separate operations outside the US and Canada are not part of the filings. "Toys "R" Us needs to have money in place to get merchandise on the shelves ahead of the holiday season".

We want you to have an outstanding experience whenever, wherever and however you choose to shop with us and this holiday season is no exception.

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A UK-based spokesman said: "We've had the good news through that our United Kingdom stores, including the one in Carlisle, are not affected and that it will be business as usual".

Toys R Us has more than 1,600 stores worldwide.

Many major retailers, including Macy's and Sears Holding Corp, have closed hundreds of outlets in their struggle to compete with discount stores like Walmart and online retailers like Amazon.

For more information about the filing, customers can visit Toy R Us' customer FAQ page.

Although that's subject to court approval, Toys R Us said it "is expected to immediately improve the Company's financial health and support its ongoing operations during the court-supervised process". This Children's Supermart would eventually become Toys "R" Us, the first and biggest name in toy shopping for several generations.

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