Sunday, 17 December, 2017

Toys R Us Files for Bankruptcy, Keeps Stores Open

Toys R Us Files for Chapter 11 Bankruptcy Toys R Us store in Ipswich will remain open despite the company's US arm's struggles
Jeannie Matthews | 21 September, 2017, 00:46

"Unfortunately, Toys "R" Us has not responded effectively to these challenges", said Neil Saunders, managing director of GlobalData Retail.

Times are changing but we still hope to encourage our younger generation especially to continue finding joy in a simple toy!

Many of them noticed when on September 18th, the chain filed for bankruptcy.

It wasn't what Toys "R" Us said, but what it didn't say, that forced it into bankruptcy this week.

The company says the proceedings are a way for Toys "R" Us to work with its creditors on restructuring the debt beleaguering it.

In addition, Toys R Us is struggling under $5 billion of debt, much of it stemming from 2005 when a trio of investment firms bought the Wayne, N.J., company and took it private.

Klopp's 'ultimatum' to Liverpool star
He added: "We have a lot of players who are actually in good shape but haven't had match starts so far". We have enough games for the players to get rhythm.

Toys R Us was "seeing significant weakness in demand for their products globally", Brandon said in June. But its future is hardly certain. Amazon's recent acquisition of high-end grocer Whole Foods Markets Inc stirred speculation that the online giant will use its pricing power and huge reach among U.S. consumers to go after market share of traditional brick-and-mortar grocers. Chief Executive Officer Dave Brandon about 36 hours after filing for bankruptcy was simple: The world's biggest toy chain will come out stronger. If you're totally anxious about the company's prospects, there are lots of places to buy toys and be confident you can return them after the winter holiday if your niece really wanted a stuffed tiger instead of a giraffe.

In the toy business, the incentive is particularly powerful. Those of prime toy-buying age, parents with young children, are busy. For store locations and convenient online shopping, visit www.toysrus.ca. Amazon makes that extraordinarily convenient.

We've already seen a number of long standing retail businesses disappear from the high street in the last 12 months including BHS, Jaeger and Austin Reed so it wouldn't be a surprise to see other high profile casualties added to this list, particularly when consumer incomes continue to get squeezed.

So is this the end of Toys "R" Us? The first is a heavy burden of debt. It also has $400m in secured and unsecured debt maturing next year.

The filing comes just as the retailer is gearing up for the holiday shopping season, which accounts for the bulk of its sales. Two other retailers-Payless ShoeSource, a 61-year-old discount shoe-seller from Kansas, and Gymboree, which began selling children's clothing in 1986-are among those that declared bankruptcy this year after being backed by private-equity firms that left them similarly weighed down. The toy retailer represents about 10 to 20 percent of the Chinese supplier's sales.

Toys "R" Us stayed tight-lipped on its reasons for scrapping this week's meetings, according to insiders - leading still more manufacturers to conclude that the retailer was in such dire straits that it might not be able to pay for its holiday inventory.

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