Sep 19, 2017
Toys 'R' Us files for bankruptcy protection
Toys 'R' Us has filed for bankruptcy protection in the US and Canada as it attempts to restructure its debts. "The past decade has seen a dramatic change in the domestic toy market with new channels, increased competition, and new technology all having a deleterious impact on the sector and traditional toy stores. Unfortunately, Toys 'R' Us has not responded effectively to these challenges," said Neil Saunders, the GlobalData Retail managing director. Toys 'R' Us said the majority of its stores around the world remained profitable, and would continue to operate as normal through the holiday period, which is when they do most of their business. Toys 'R' Us wants to use the bankruptcy process to restructure and make the company viable over the long term. "A combination of high debt and severe structural changes in the industry created a toxic mix against which Toys 'R' Us had little choice but to restructure and try to put itself on a firmer footing," said Mr Saunders.
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