Toys “R” Us files for bankruptcy protection in US, Canada

Toys “R” Us has filed for Chapter 11 bankruptcy protection in the U.S. and will seek similar protection in Canada under the Companies Creditors Arrangement Act. Toys “R” Us  has a $5 billion debt incurred in unstated operations.  It is saying it will continue its normal business operations. Toys “R” Us said court-supervised proceedings would permit it to set the stage for long-term growth. “The company’s approximately 1,600 Toys R Us and Babies R Us stores around the world — the vast majority of which are profitable — are continuing to operate as usual,” the company statement added. “Customers can also continue to shop for the toy and baby products they are looking for online.”