Toys "R" Us Files For Bankruptcy

Popular toy store

Popular toy store

However, the company says that it will continue to operate as normal while undergoing the process. The toy giant, which employs about 65,000 workers globally, submitted its filing late Monday.

More than a dozen retail bankruptcies have been reported this year, but none of the retailers are in the Toys "R" Us league.

To ensure suppliers still receive orders for the holiday season, JP Morgan and other banks and lenders have agreed $3 billion "debtor-in-possession financing" to help Toys "R" Us restructure over the coming months. But in a statement sent to various media outlets, chairman and CEO Dave Brandon was optimistic about the future of the chain.

He said that the store will be inaugurated by the Toys "R" Us core team and confirmed that they have already shared the launch plan with Phoenix.

The company is headquartered in Wayne, N.J.

The world's largest toy store chain said it had filed for Chapter 11 to restructure its debts and work out a sustainable path for its finances that will allow it to invest in long-term growth.

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Customers that have concerns about shopping at Toys R Us for the holidays following its bankruptcy announcement have nothing to worry about.

Toys R Us has around $5bn worth of long-term debt on its balance sheet, a substantial chunk of which needs to be repaid next year.

Toys "R" Us has struggled to compete in the current market as consumers increasingly shop online with retailers such as Amazon. This Children's Supermart would eventually become Toys "R" Us, the first and biggest name in toy shopping for several generations.

Toy "R" Us in 2006 acquired FAO Schwarz a rival, but eventually shut down its store in NY on Fifth Avenue due to high costs. Toy sales have continued to do well, but discount stores and online competition have given retailers like Toys "R" Us some trouble.

It joins over a dozen other retail chains that have filed for bankruptcy in the U.S. this year, reported Reuters.

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