Toys R Us, the pioneering big box toy retailer, announced late Monday, Sept. 18, 2017 it has filed for Chapter 11 bankruptcy protection while continuing with normal business operations. The company made the filing in the U.S. Bankruptcy Court for the Eastern District in Richmond, Va. Its Canadian subsidiary plans to make a similar petition in Ontario Superior Court. The company filed Chapter 11 documents late Monday in U.S. Bankruptcy Court in Richmond, Virginia and says its Canadian subsidiary plans to seek protection in parallel proceedings under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice. The chain also said it had secured US$3 billion in financing to stay open while it restructures its outstanding debt and establishes a sustainable capital structure to invest in long-term growth. The company, which is headquartered in Wayne, N.J., and has nearly 65,000 employees worldwide, says it is committed to working with its vendors to ensure inventory levels are maintained and products continue to be delivered.
Toys "R" Us files for Chapter 11 bankruptcy protection in the United States, and also files for bankruptcy in Canada, as it attempts to restructure its debts.