Is Toys R Us Closing? Does Bankruptcy Mean Going Out of Business?

Toys 'R' Us shutdown looms amid bankruptcy filing

Toys " R " Us, the Wayne-based toy retailer, has filed for chapter 11 bankruptcy protection, according to a statement from the company.

Toys "R" Us, which also operates the Babies "R" Us franchise with more than 1,600 stores around the world, filed for bankruptcy protection Monday night.

It is "business as usual" for Cumbria's Toys" R " Us store despite the retail giant filing for bankruptcy in the United States.

Toys "R" Us is the second-largest USA toy retailer behind Amazon.com Inc., according to data compiled by Muller.

Toys "R" Us announced Tuesday that it's voluntarily declared bankruptcy, but will keep many of its stores open.

The filing comes just ahead of the busy holiday shopping season. Merchandise is sold through 885 Toys R Us and Babies R Us stories in the U.S., Puerto Rico and Guam, and in more than 810 worldwide stores and over 255 licensed stores in 38 countries and jurisdictions.

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'In fact, we have begun our seasonal hiring push and expect to hire thousands of employees in the coming months to serve the millions of people who will shop with us this holiday season'. This would allow the company time to restructure the US$400million worth of debt that is immediately repayable next year, and potentially relaunch as a much more cost-efficient entity.

The good news for Brits is that operations outside of the USA and Canada operate as separate entities, so are not part of the proceedings, meaning shops will remain open.

Th managing director of GlobalData Retail, Neil Saunders, said: "While today's decision does not necessarily mean it is game over for Toys R Us, it brings to a close a turbulent chapter in the iconic company's history".

Toys "R" Us was founded in 1948 but has come under strain in recent years due to strong online competition from brands such as Amazon.

Toys "R" Us is the second-largest toy seller in the U.S. behind Amazon, according to consulting firm Kloster Trading Corp.

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