Final Up to date: Tuesday, September 19, 2017, 6:39 AM EDT
Toys R Us chain introduced it filed for Chapter eleven chapter safety.
- Toys R Us says it should hold shops open
- Information comes as vacation season is across the nook
The Wayne, New Jersey-based mostly firm introduced late Monday that it was voluntarily looking for aid by means of the U.S. Chapter Courtroom for the Japanese District of Virginia in Richmond — and that its Canadian subsidiary can be in search of comparable safety via a Canadian courtroom in Ontario because it seeks to reorganize.
Toys R Us stated courtroom-supervised proceedings will assist restructure the excellent debt and set the stage for lengthy-time period progress.
The corporate announcement additionally stated separate operations outdoors the U.S. and Canada are usually not a part of the filings.
Toys R Us has not introduced plans to shut any shops.
The information comes as many retailers put together for the vacation season, which is a important time for toy sellers.
It emphasizes that its roughly 1,600 places will stay open and that it’ll proceed to work with suppliers and promote merchandise.
The corporate has almost sixty five,000 staff worldwide and payments itself as a number one international retailer of toy and child merchandise. Merchandise is bought by means of 885 Toys R Us and Infants R Us tales within the U.S., Puerto Rico and Guam, and in additional than 810 worldwide shops and over 255 licensed shops in 38 nations and jurisdictions.
The Related Press contributed to this story.