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Toys R Us files for bankruptcy in the USA and Canada

Toys R Us files for bankruptcy in the USA and Canada

The lead up to Christmas when you were a child almost always involved a trip to Toys "R" Us where you would point out all the things you wanted Santa to get you (basically everything in the store).

The Canadian retailer said it's opening its 56th store in Orleans, Ont. Tuesday and plans to have locations open later this year in Sudbury, Ont., Langford, B.C., Fredericton, and Toronto.

While the "vast majority" of Toys "R" Us stores in operation remain profitable, the company said, it must deal with more than $5 billion in long-term debt moving forward.

Toys "R" Us Inc. filed for chapter 11 bankruptcy protection Monday night.

Once the dominant player in the USA toy market, the company has struggled with $5bn of long term debt as it faced rising competition from rivals such as Amazon, Walmart and Target.

Toys "R" Us has filed for Chapter 11 bankruptcy protection, the latest and one of the largest victims of the trend to online shopping at the expense of traditional bricks-and-mortar stores.

TRU operations outside of the United States and Canada, including about 255 licensed stores and joint-venture partnerships in Asia, are separate entities and were not included in the proceedings.

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"A combination of high debt and severe structural changes in the industry created a toxic mix against which Toys R Us had little choice but to restructure and try to put itself on a firmer footing".

Reports earlier this month that the company hired a law firm that specializes in bankruptcy set off "a unsafe game of dominoes", David Brandon, the company's chief executive and chairman, said in a court filing.

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

In the case of Toys R Us, the company said it has a commitment for $3 billion in financing from JPMorgan Chase and other companies.

Analysts say Toys "R" Us has not had the financial flexibility to invest in attracting new customers or online sales.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys "R" Us, while Alvarez & Marsal is serving as restructuring advisor and Lazard is serving as financial advisor.

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