'But like many other big-box chains, including Borders, Circuit City and Sports Authority, Toys 'R' Us struggled with the rise of discounters like Wal-Mart Stores Inc. As the testing ground for new products, Toys 'R' Us often identifies hits before rivals, as it did with ZhuZhu pets in 2009, Mr. 'They are the last major free-standing toy retailer in the U.S.,' said Jim Silver, the chief executive of TTPM, a website that reviews thousands of toys each year for consumers. 'It swallowed up several rivals that have themselves filed for bankruptcy protection, including FAO Schwarz and Kay Bee Toys, a mall-based chain that liquidated hundreds of stores before it was sold.

'As the holiday season ramps up, our physical and web stores are open for business, and our team members around the world look forward to continuing to put huge smiles on children's faces.' In a written statement, Chairman and Chief Executive Officer Dave Brandon said: 'Today marks the dawn of a new era at Toys 'R' Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way.' The new financing is subject to court approval.Īs the holiday season draws near, Toys R Us wants customers to know that stores and its website will operate as usual. Toys R Us plans to use $3 billion in bankruptcy financing to buy merchandise from vendors and fund operations. toy chain filed for Chapter 11 bankruptcy protection in Richmond, Va. The retail landscape has changed dramatically in recent years, and Toys R Us has been trying to maintain its foothold in the industry amid a heavy debt load and the rise of online shopping. toy store chain filed for bankruptcy protection late Monday, but most stores are operating as usual.īennett Raglin/Getty Images for Toys R Us

The Toys R Us Times Square Holiday Shop held its grand opening last month in New York City.

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