New York (AFP) – Global retailer Toys”R”Us, a fixture in post-war America’s booming toys market, said it has filed for Chapter 11 bankruptcy protection, strangled by heavy debt and a tough environment for bricks and mortar stores.
The chain, founded in 1948 and “the world’s leading dedicated toy and baby products retailer”, sells in the United States and 38 other countries and jurisdictions, with a 23-percent share of the global toy market.
It now joins other traditional retailers that are struggling to compete with the likes of Amazon.
The company will “restructure its outstanding debt and establish a sustainable capital structure that will enable it to invest in long-term growth and fuel its aspirations to bring play to kids everywhere and be a best friend to parents,” Toys”R”Us said in a statement late Monday.
It noted that operations outside the United States and Canada, “including its approximately 255 licensed stores and joint venture partnership in Asia,” are not part of the bankruptcy proceedings. read more
SNIP: Most of the Toys R Us I’ve been to or heard about should have their own “People of Toys R Us” meme. This is probably the only chain of stores I know of that has more shoplifting and muggings than sales during the Christmas rush.