Wednesday, 20 November, 2019

Toys "R" Us could be filing for bankruptcy

Toys Toys "R" Us could be filing for bankruptcy
Debra Rodriguez | 19 September, 2017, 01:59

The retailer had already said it was working with an investment bank to assess options for about $400 million in debt that comes due next year.

The once-upon-a-time toy giant has seen much of its market share eroded by challengers like Target and WalMart as well as by the looming online presence of Amazon.

Bhandari worked at Toys "R" Us as treasurer and senior vice president from 2014 until early this year, when he joined Lazard.

KB Toys went through a second bankruptcy before its name was sold to Toys "R" USA in 2009.

Updates as we have them.

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Vendors have pulled back because when companies seek chapter 11 protection, they are often among the lowest priorities for payment.

The company has spent a lot of money on its brick-and-mortar stores.

Toys R Us was $5 billion in debt as of April, according to USA Today. It now has more than 800 stores in the United States and more in other countries all over the world.

The company is trying to put together a multi-million-dollar loan to fund its operations in the event it does decide to file for bankruptcy, the report said.

Companies in distress often seek to hire seasoned debt restructuring professionals so they can better navigate a bankruptcy process and increase their chances of escaping liquidation. Addressing its major debt issues before the crucial holiday season could be important to give vendors confidence in the future of Toys "R" Us, according to CNBC.

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