Toys"R"Us, Babies"R"Us operator files for bankruptcy
Toys“R”Us, executives say their 1,600 stores, which include Babies”R”Us stores around the world will continue to operate normally as the company pursues bankruptcy proceedings.
Toys“R”Us, executives say their 1,600 stores, which include Babies”R”Us stores around the world will continue to operate normally as the company pursues bankruptcy proceedings.
The company filed for voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond, Virginia on Monday.
In addition, the Company’s Canadian subsidiary today intends to seek similar proceedings in Canada.
The filing is designed to give the company time to get its financial house in order by restructuring its $5 billion debt and ensure there is enough money for continued operations.
The company says it has received a $3 billion commitment from lenders to support operations during the bankruptcy.
Toys”R”Us stores are located on Route 224 in Boardman and in the Eastwood Mall Complex in Niles.
A Babies”R”Us operates a store on Doral Drive in Poland.
A Toys”R”Us distribution center located on Salt Springs Road in Youngstown closed in three years ago.
