... but stores will remain open
oys R Us, the pioneering big box toy retailer, has announced it has filed for Chapter 11 bankruptcy protection while continuing with normal business operations.
A statement by the Wayne, New Jersey-based company late on Monday said it seek voluntarily relief in the US Bankruptcy Court for the Eastern District of Virginia in Richmond — and that its Canadian subsidiary is seeking similar protection through a Canadian court.
Toys R Us says court-supervised proceedings will help restructure its outstanding debt and reorganise for long-term growth. The company says separate operations outside the US and Canada, including more than 250 licensed stores and a joint venture partnership in Asia, are not part of the filings.
It emphasises that its approximately 1 600 locations remain open, working with suppliers and continuing to sell toys and games.