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20 September 2017, 12:50 | Ruby West
Toys 'R' Us shutdown looms amid bankruptcy filing
Brick and mortar retailers continue to face pressure from online competition and changing consumer taste, helping lead to high profile restructurings including Sears Canada's bankruptcy protection this past June.
The company, which has 1,600 stores worldwide employing more than 60,000 staff, said its operations outside the United States and Canada did not come under the so-called Chapter 11 filing in Virginia and its Canadian equivalent.
The company cautioned it was not going to engage in an "unrelenting race to the bottom" by trying to slash prices to compete with Amazon.com Inc (AMZN.O), the only company that sells more toys than Toys "R" Us.
According to chairman and CEO Dave Brandon, the company plans to work with investors, debt holders and other creditors to restructure the company's US$5.2 billion in long-term debt, due between 2018 and 2021.
Toys R Us has announced its voluntary chapter 11 bankruptcy in order to relieve itself of the remaining debt left over from its $6.6bn acquisition from Kohlberg Kravis Roberts, Bain Capital and Vornado Realty Trust in 2005.
Toys "R" Us is building inventory for the holiday season and fourth quarter, which accounts for 40 percent of net sales.
Most of its 1,600 stores across the world are profitable, and only those in North America are a part of these court filings, it said.
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