Toys 'R' Us considering closing all of its stores, according to new report
Toys R Us Canada says it's business as usual amid reports that the retailer's USA counterpart is preparing to liquidate operations in the United States. The company, which filed for court protection for its American and Canadian divisions in September 2017, could close all 880 of its US stores as a result, according to the reports.
According to one of the published reports, the Toys R Us U.S. division had entered into Chapter 11 bankruptcy protection during September of past year, but had obtained a loan of more than $3.1 billion to keep its stores open during its attempt to turn the business around with a business model that was much leaner than before.
In January, the Toys R Us announced it would close about 180 stores in the U.S.
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The company had been working to restructure its debt - almost $5 billion worth - according to a story from Bloomberg News.
Both stories point out that the situation could change, and the option to close the properties in the United States is only one proposed plan.
The U.S. and Canadian divisions of Toys R Us have been under court protection from creditors since September. The toy retailer which employs 3,000 people faces going into administration if it is unable to pay a $15M Value-Added Tax bill by the end of this month.
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