While plenty of huge retail chains out there sell toys for kids, it’s hard not to associate toys with retailer Toys “R” Us, who we’re sure many of our readers have had fond memories of when growing up, especially since the retailer managed to expand to various parts of the world including Europe and Asia.Unfortunately it looks like things aren’t going so well for the company as Toys “R” Us has recently filed for Chapter 11 bankruptcy. Many reports are suggesting that this is a result of the more traditional style and operations of retailers is starting to give away to more modern methods of retailing which is done online, such as through online giants like Amazon who is actually in the process of becoming even bigger with its recent acquisition of Whole Foods.
In a statement made by the company’s Chief Executive Officer David Brandon, “Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide.”
However the good news for customers is that despite filing for bankruptcy, it doesn’t look like they’re ready to shut down their stores just yet. In fact stores are expected to continue operating with the bankruptcy filing only being applicable to the company’s operations in the US, where operations in Europe will not be impacted, nor will its operations in Australia or those in Asia which are done through a joint venture partnership.
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