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Toys R Us files for Bankruptcy

BellaNaija.com

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Toys R Us files for Bankruptcy - BellaNaija

Toys R Us . (Photo by Justin Sullivan/Getty Images)

Toys R Us, one of the largest toy stores in the world, has filed for Chapter 11 bankruptcy protection, USA Today reports.

The toy store made in filing Monday night in federal court in Richmond, Virginia.

The toy store is in a massive long-term debt of $5 billion, and will most likely close after the holiday season.

With the bankruptcy filing, the store has bought itself $3.1 billion in financing that will allow it to operate through the very important holiday season.

But after the holiday season, its closure is inevitable, bankruptcy experts have said.

The company has said it is performing a review of its real estate portfolio.

It is identifying stores with poor performance, and those whose rents are high, so they may reduce their retail square footage.

The company has said the filing could not have come at a worse time, just 14 weeks from Christmas, the biggest shopping period of the year.

Photo Credit; Justin Sullivan/Getty Images

6 Comments

  1. Anon

    September 20, 2017 at 1:19 pm

    ipad, ipads and other hand held computer devices killed businesses like toys r us. Nowadays, you see kids with their own ipad instead of a toy. Its the way of the world….evolution

    • Fence

      September 20, 2017 at 1:42 pm

      Thanks for that. I was wondering how they got to this position. I still support the use of Traditional toys sha especially the legos

    • joyce

      September 20, 2017 at 2:33 pm

      They are also a bit on the high side in prices. You can always find the same item or toy at far more cheaper price in other places.

    • anon

      September 20, 2017 at 8:30 pm

      clearly you people don’t read and are not better off than the children using ipads. The firm is going bankrupt because they were bought by a company in debt, thereby they too are now in debt. Toys R Us toys are expensive and there are much cheaper options, so due to a fall in demand they were not able to pay off all the debts and are filing for bankruptcy to ease some of the debt and attract a wealthy buyer willing to pay off the rest of the debt. Younger children have more critical thinking skills, language skills etc. They also still read and play with toys, as that’s an almost natural desire in children. They are also more confident and assertive. The older generation is so perfect blahblah but that’s the generation of corruption, no women’s rights, adultery, ignorance etc since we want to generalise

  2. Cmbo

    September 20, 2017 at 3:18 pm

    move with the times. create online toys or games and cash in.

  3. nene+

    September 20, 2017 at 6:59 pm

    Will miss their unique lines koala kids and those angelic christening baby’s clothings etc.

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