Following some speculation about its financial woes, Toys R Us has officially filed for Chapter 11 Bankruptcy. The company is currently struggling with about $5 billion in debt, and hopes the bankruptcy filing can help them restructure while still keeping their stores open for the holiday season.
As a result of the bankruptcy filing Toys R Us has received over $3 billion in debtor-in-possession financing from a number of lenders. Toys R Us says this money will help them immediately improve their financial situation, and keep their stores and operations well maintained leading into the busiest season of the year.
Dave Brandon, Toys R Us Chairman and Chief Executive Officer, had this to say of the filing in a statement: "Together with our investors, our objective is to work with out debtholders and other creditors to restructure the $5 billion of long term debt on our balance sheet ... and strengthen out competitive position in an increasingly challenging and rapidly changing retail marketplace."
Continue reading…
Continue reading...
As a result of the bankruptcy filing Toys R Us has received over $3 billion in debtor-in-possession financing from a number of lenders. Toys R Us says this money will help them immediately improve their financial situation, and keep their stores and operations well maintained leading into the busiest season of the year.
Dave Brandon, Toys R Us Chairman and Chief Executive Officer, had this to say of the filing in a statement: "Together with our investors, our objective is to work with out debtholders and other creditors to restructure the $5 billion of long term debt on our balance sheet ... and strengthen out competitive position in an increasingly challenging and rapidly changing retail marketplace."
Continue reading…
Continue reading...