Toys R Us Files For Bankruptcy Protection, Plans To Keep Stores Open
LUTON, ENGLAND - SEPTEMBER 19: A general view of the exterior of a branch of the toy staore Toys R Us on September 19, 2017 in Luton, England. The company has struggled to compete against online traders such as Amazon and has announced that it has filed for bankruptcy protection in the US and Canada. The company has stressed that these actions do not expect any immediate impact on their European branches due to the company running the operations independently. (Photo by Leon Neal/Getty Images)
In a move that didn’t surprise many, the toy giant Toys R Us filed for bankruptcy protection after racking up over $5 billion in debt.
In its filing, the company said it plans to restructure the company. Plans are to keep the Toys R Us and Babies R Us open, and that most of the stores are profitable.
Troubles are blamed on more than online competition. Kids playing game consoles instead of toys and lackluster summer movies have also played a part in a slowdown in the toy industry.
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