Toys "R" Us Files for Bankruptcy, Has $5 Billion USD in Debt

With the holidays just around the corner.

By
Design
15,464 Hypes 0 Comments

Another big box store is feeling the pinch of America’s retail struggles. Toys “R” Us, headquartered in Wayne, New Jersey, has officially filed for Chapter 11 bankruptcy protection with the holiday shopping rush just around the corner. Despite the filing, the popular toy chain says it will keep doors open and remain in business as its financial woes are sorted out.

Toys “R” Us is currently $5 billion USD in debt and with the iconic retailer facing heavy competition from the online market, it doesn’t look like things will look up fast enough. According to Chairman and CEO Dave Brandon, the bankruptcy protection “will provide us with greater financial flexibility to invest in our business … and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide.”

Furthermore, the holiday season is only a few months away, a time when consumers are looking to spend. As such, Toys “R” Us promises that they will be well-stocked throughout these crucial weeks and will continue to honor return policies, warranties, gift cards, as well as customer loyalty programs.

Read Full Article
Source
Cnbc

Join Our Discussions on Discord

The HYPEBEAST Discord Server is a community where conversations on cultural topics can be taken further.

1219 Users Online

What to Read Next

size? Unveils an Exclusive New Balance 597 "Neotropic" Pack
Footwear

size? Unveils an Exclusive New Balance 597 "Neotropic" Pack

Inspired by the tropical rainforest.

Light up Your Home With UNDERCOVER's Rebel Bear Floor Lamp
Fashion

Light up Your Home With UNDERCOVER's Rebel Bear Floor Lamp

It’s lit.

5 Standout Emerging Labels From New York Fashion Week Spring/Summer 2018
Fashion 

5 Standout Emerging Labels From New York Fashion Week Spring/Summer 2018

Noteworthy names to keep an eye on.


Latest 'Call of Duty: WWII' Trailer Pulls You Into Its Thrilling Story
Entertainment

Latest 'Call of Duty: WWII' Trailer Pulls You Into Its Thrilling Story

“We thought we knew what war would be like.”

'Thor: Ragnarok' Gets an '80s-Style Throwback Trailer
Entertainment

'Thor: Ragnarok' Gets an '80s-Style Throwback Trailer

With a special appearance by Lou Ferrigno.

Byron and Dexter Peart Sell Their WANT Les Essentiels Stake
Fashion

Byron and Dexter Peart Sell Their WANT Les Essentiels Stake

“We thought it was a natural progression that had run its course.”

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.