Toys “R” Us Files For Bankruptcy
(Wayne, NJ) — Toys “R” Us is filing for chapter 11 bankruptcy protection. The news is likely to spur some people to scramble to use their gift cards. But the New Jersey-based toy company, one of the world’s largest, says there’s no need to panic. It says it’s committed to keeping its 16-hundred Toys “R” Us and Babies “R” Us stores open while it reorganizes. Toys “R” Us has racked up more than five-billion-dollars in long-term debt as it struggles to compete with online retailers, like Amazon, and brick and mortar stores, like Walmart.
Sara Lee Kessler/Alexander Martin/jb/acc NJ) NY) LI) HV)
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