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Big box Toys 'R' Us files for bankruptcy, stores stay open

Big box Toys 'R' Us files for bankruptcy, stores stay open

"Unfortunately, Toys R Us has not responded effectively to these challenges and, as a result, has found itself with both a weak balance sheet and falling sales".

USA toy merchant, Toys "R" Us is working on a loan to fund its operations in a potential bankruptcy filing that could come before the end of the holiday sales season, according to people familiar with the matter, Reuters reported.

Like other brick and mortar chains, Toys R Us has struggled with the steady migration of shoppers to Amazon.com and other online outlets, which have in turn forced prices downward and cut down on in-store visits, The Journal reported.

The bankruptcy of Toys "R" Us brings to an end one turbulent chapter of the company's history, said an analyst on Wall Street.

Fatally, it was saddled with billions of dollars in debt through a buyout in 2005 by private equity firms KKR LP and Bain Capital LP, even though its decline was well established by then. Babies "R" Us, the brand which deals with toys and products exclusively for babies, is also planning to enter India soon.

The toy store plans on keeping its approximately 1,600 Toys "R" Us and Babies "R" Us stores open worldwide, noting that they are still profitable.

Trump's tweet on London train bombing just speculation: minister
But she described 2017, which has seen a string of terror attacks in the United Kingdom , as "a year like no other". The property is registered to an elderly foster couple who had been honoured for their work with child refugees.

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.

In 1948 a baby furniture-retailer began operations to take advantage of the post-war baby boom.

"We expect that the financial constraints that have held us back will be addressed in a lasting and effective way", Chief Executive Dave Brandon said in a statement.

And Toys R Us said its stores would operate "as usual" while it looks to restructure a 5.6 billion United States dollar (£3.6 billion) debt mountain.

The company says it has received a commitment for over US$3bn (€2.5bn) in debtor-in-possession financing from various lenders - including a JPMorgan-led bank syndicate.


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