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Sunday, July 22, 2018

Toys ‘R’ Us to shut about 180 US stores

The company filed for Chapter 11 bankruptcy protection in September, just ahead of the crucial holiday season, to restructure $5 billion of long-term debt.

By: Reuters | Bengaluru | Updated: January 24, 2018 9:26:40 am
The Canadian arm of Toys “R” Us Inc said on Tuesday that about 180 of its stores will be shut in the United States in the coming months (Source: Wikimedia Commons)

The Canadian arm of Toys “R” Us Inc said on Tuesday that about 180 of its stores will be shut in the United States in the coming months, as the toy store chain tries to emerge from one of the largest ever bankruptcies by a specialty retailer.

All 83 Toys “R” Us (Canada) Ltd stores will remain open for business as usual, said president of the Canadian unit, Melanie Teed-Murch, in a letter to customers.

The company filed for Chapter 11 bankruptcy protection in September, just ahead of the crucial holiday season, to restructure $5 billion of long-term debt, casting doubt over the future of its 64,000 employees and nearly 1,600 stores.

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