On Monday night, New Jersey, US-based toy retail giant filed for bankruptcy in the US as well as in Canada. The retailer filed it from Richmond, Virginia for Chapter 11 bankruptcy code in the US, and a judge allowed a loan of over US $2 billion. According to the filing, the retail chain own US$ 6.6 billion in assets, but has a debt of US$7.9 billion. They were under a roughly US$5 billion debt since the company underwent a three-way acquisition in 2005. , , and acquired Toys R Us for around US$7 to US$7.5 billion. After the US judge approved a loan, Toys R Us received about US$3 billion from the lenders to continue the business and survive a competitive market, and restructure their business model. E-commerce giant Amazon.com, Walmart and are some of the competitors for the conventional '' toy shop, with lower priced-merchandise and fast, cheap delivery. In a conference call in June, CEO said "very, very aggressive pricing online" was causing problems. He also said the company was experiencing "significant weakness in demand for their products globally". Toys R Us are to clear a debt of US$400 million by May 2018. Over 300 US-based retailers filed bankruptcy this year, and hundreds of stores closed.
On Monday night, New Jersey, US-based toy retail giant filed for bankruptcy in the US as well as in Canada. The retailer filed it from Richmond, Virginia for Chapter 11 bankruptcy code in the US, and a judge allowed a loan of over US $2 billion. According to the filing, the retail chain owns US$ 6.6 billion in assets, but has a debt of US$7.9 billion. They were under a roughly US$5 billion debt since the company underwent a three-way acquisition in 2005. , , and acquired Toys R Us for around US$7 to US$7.5 billion. After the US judge approved a loan, Toys R Us received about US$3 billion from the lenders to continue the business and survive a competitive market, and restructure their business model. E-commerce giant Amazon.com, Walmart and are some of the competitors for the conventional '' toy shop, with lower priced-merchandise and fast, cheap delivery. In a conference call in June, CEO said "very, very aggressive pricing online" was causing problems. He also said the company was experiencing "significant weakness in demand for their products globally". Toys R Us are to clear a debt of US$400 million by May 2018. Over 300 US-based retailers have filed for bankruptcy this year, and hundreds of stores closed.
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