It may be the beginning of the end for another North American retail giant. Toys ‘R’ Us has filed for bankruptcy protection in U.S. and plans to do the same in Canada.
It’s 1,600 Toys ‘R’ Us and Babies ‘R’ Us stores are expected to remain open while it restructures its outstanding debt. Their online store is also expected to remain open.
The goal will be to restructure the $5 billion of long-term debt that has been ‘holding them back’. Until further notice, everything is business as usual.