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Wayne-Based Toys"R"Us Files For Chapter 11"
21 September 2017, 12:42 | Frank Carlson
Toys R Us Files for Chapter 11 Bankruptcy
Yes. Toys "R" Us expects to continue operating stores, webstores and other online platforms as usual during this process.
Toys "R" Us may be filing for bankruptcy ahead of the holiday season, and it's causing shares for two major USA toy companies to drop - Hasbro Inc. and Mattel Inc.
Dave Brandon, chairman and CEO of Toys "R" Us, wrote a statement on the company's website saying that the bankruptcy filing signifies the beginning of a new chapter for the company in effectively handling its financial problems.
The bankruptcy filing helps the Wayne New Jersey-based toy retailer relieve itself of the debt left over from its $6.6 billion acquisition by Kohlberg Kravis Roberts, Bain Capital Partners and real estate investment trust Vornado Realty Trust in a 2005 deal valued at $6.6 billion. Its Canadian subsidiary also sought creditor protection under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice Tuesday. It approaches just as Toys "R" us is preparing up for the holiday shopping season, which forms for the bulk of its sales.
"I've always said that if there's no Toys "R" Us, there is no toy business".
The surprise cancellation came on the heels of Toys "R" Us admitting on September 6 that it had hired a restructuring law firm, Kirkland & Ellis, to help it with $400 million in debt that's coming due in 2018 - a disclosure that had already spurred some vendors to halt shipments to stores.
He added that Toys "R" Us customers from all over the world can still shop as the company's global staff is "ready to serve" those who will be stepping or clicking inside their stores, be it physical or online.
A dozen big United States retailers have filed for creditor protection this year.
In fact, many of its agreements with debt holders prohibit the company from closing stores, restricting its ability to slim down.
"Mastermind continues to meet the increasing demand for high-quality specialty toys and children's books in underserved markets, and we look forward to introducing our brand to more and more Canadian families as the company continues to grow".
"The breathing room afforded by the CCAA and Chapter 11 proceedings will preserve value for stakeholders, while enabling Toys Canada to continue to operate without disruption as it moves into the holiday season", according to the affidavit of Melanie Teed-Murch, president of Toys "R" Us Canada since August 2016. Similarly, KB Toys perished, and Toys "R" Us will likely limp along.
Yes. Your "R" Us Credit Card will continue to be accepted. USA toy sales rose 6 per cent last year on top of a seven per cent increase in the prior year, says NPD Group Inc., a market research firm.
"Oh my God, they are very important, and people don't understand", Isaac Larian, founder and chief executive officer of MGA, said of the toy chain.
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