With $5 billion in debt, Toys ‘R’ Us filed for bankruptcy protection Monday in U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond and it’s Canadian subsidiary will seek similar protect through a Canadian court in Ontario, according to USAToday.
The companies Europe, Australia and Asian operations are not part of the Chapter 11 and Canadian filings.
Currently Toys ‘R’ Us plans to keep it’s 1600 world-wide locations open.
Bankruptcy will give the struggling company the opportunity to organize it’s debt and continue operations.
Toys ‘R’ Us has been dealing with tough competition from Walmart, Target and Amazon.
Currently, approx. 65,000 people across the globe work for Toys ‘R’ Us. No word yet on their future.
More details HERE.