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.”
