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Dennis Reynolds

Toys 'R' Us files for bankruptcy protection

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Damn. I hope they get out of this hole...losing HMV and Toys 'R' Us in the same year would be two pretty big blows for me. 

 

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Toys “R” Us has filed for bankruptcy protection in the United States and says it intends to follow suit in Canada.

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.

Toys “R” Us says the “vast majority” of its approximately 1,600 Toys “R” Us and Babies “R” Us stores around the world and its web portals continue to operate as usual.

The company adds that it is committed to working with its vendors to ensure inventory levels are maintained and products continue to be delivered.

The company says operations outside of Canada and the U.S., including some 255 stores in Asia, are separate entities and are not part of the Chapter 11 filing and CCAA proceedings.

“Today marks the dawn of a new era at Toys “R” Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way,” said chairman and CEO Dave Brandonin a statement.

“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.”

Toys “R” Us is headquartered in Wayne, N.J., and has nearly 65,000 employees worldwide.

 

http://globalnews.ca/news/3754730/toys-r-us-bankruptcy-protection/

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36 minutes ago, Courtney Love said:

Do any of us really care the though? I'd assume the majority here wouldn't be using that store much brit10 

I definitely do; I'm a pretty avid action figure collector and it would be lame to see the last major chain bite the dust. Obviously I could still buy online but there's a certain fun to going there in person. 

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2 hours ago, Courtney Love said:

Do any of us really care the though? I'd assume the majority here wouldn't be using that store much brit10 

It's a big deal if you were an American child born in the mid-1990s

This place was like heaven on fucking earth as a kid - no, it has no effect on our lives at this stage, but it is very sad. 

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13 minutes ago, Mamacita said:

It's a big deal if you were an American child born in the mid-1990s

This place was like heaven on fucking earth as a kid - no, it has no effect on our lives at this stage, but it is very sad. 

Sis I went to Toys R Us a lot as a child (almost weekly) with my mother and feel nothing. Was just surprised people did jj3 

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9 minutes ago, Courtney Love said:

Sis I went to Toys R Us a lot as a child (almost weekly) with my mother and feel nothing. Was just surprised people did jj3 

How old are you, if I may ask? 

And no judgement, I'm just surprised that there wasn't a kid that didn't love that place.

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22 minutes ago, Mamacita said:

How old are you, if I may ask? 

And no judgement, I'm just surprised that there wasn't a kid that didn't love that place.

I was born in '98 and used to go there when it was still thriving and in heaps of malls. I definitely loved it then (what kid didn't?); it was the first store I'd check out. My comment was directed towards the people in this thread who were genuinely upset it was bankrupt because I while get the sentimental value, I feel nothing about its bankruptcy. I actually thought not too long ago how a lot of them seem to be closing down.

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29 minutes ago, Courtney Love said:

I was born in '98 and used to go there when it was still thriving and in heaps of malls. I definitely loved it then (what kid didn't?); it was the first store I'd check out. My comment was directed towards the people in this thread who were genuinely upset it was bankrupt because I while get the sentimental value, I feel nothing about its bankruptcy. I actually thought not too long ago how a lot of them seem to be closing down.

At the end of the day, I feel the same - it just sort of inspires of feeling of sadness out of nostalgia, if anything.  

I actually haven't been in one in 10-15 years. 

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