Toys R Us is poised to shut down its US operations as it struggles to find a buyer after going bankrupt at the end of last year.
Bloomberg reports that, having failed to restructure its gargantuan debt - $400 million of which was due this year - or find a buyer, Toys R Us is prepping to liquidate its US operations.
While there is still time for either of these scenarios to play out, it's not looking likely, according to anonymous sources.
“While a Chapter 11 bankruptcy provides a company with breathing space, it is incumbent on the debtors’ management to show how it intends to reorganise as a going concern,” said Gregory Plotko, a partner in the bankruptcy practice Richards Kibbe & Orbe LLP, weighing in on the matter.
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Bloomberg reports that, having failed to restructure its gargantuan debt - $400 million of which was due this year - or find a buyer, Toys R Us is prepping to liquidate its US operations.
While there is still time for either of these scenarios to play out, it's not looking likely, according to anonymous sources.
“While a Chapter 11 bankruptcy provides a company with breathing space, it is incumbent on the debtors’ management to show how it intends to reorganise as a going concern,” said Gregory Plotko, a partner in the bankruptcy practice Richards Kibbe & Orbe LLP, weighing in on the matter.
Continue reading…
Continue reading...