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WA Toys R Us stores remain open despite debt woes

WA Toys R Us stores remain open despite debt woes

WA Toys R Us stores remain open despite debt woes

The Wall Street Journal first reported on Friday that Toys "R" Us has been working on its move to file for Chapter 11 protection in US Bankruptcy Court in Richmond, Virginia.

The company said it will continue to operate as usual its approximately 1,600 Toy R Us and Babies R Us stores around the world.

Dave Brandon, the chairman and chief executive of Toys "R" Us, outlined the company's objective to work with debt holders and other creditors to restructure with $5bn of long term debt in its balance sheet.

Toys R Us have filed for Bankruptcy protection in Canada and the U.S., the company has 1,600 stores worldwide with over 60,000 staff, there is no current threat to the UK's 110 stores.

Filing for Chapter 11 bankruptcy "will enable it to invest in long-term growth and fuel its aspirations to bring play to kids everywhere and be a best friend to parents", Toys "R" Us said in a statement.

Toys "R" Us is the second-largest USA toy retailer behind Amazon.com Inc., according to data compiled by Muller.

The retailer has filed for the bankruptcy despite leading up to the Christmas period where it records the most sales annually due to its significant debt problems.

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Toy superstore Toys R Us is again opening its doors to shoppers at 5 p.m. on Thanksgiving and will stay open through closing time on Black Friday.

The company, which is 60 years old, was for many years the preeminent retailer for toys in the US with a Times Square New York flagship location and its icon Geoffrey the Giraffe.

The company's Canadian arm will seek protection in separate proceedings, the group said in a statement.

Toys R Us has more than 1,600 stores worldwide.

Various lenders including JPMorgan have already committed as much as $3bn already to financing the attempted company turn around.

There is now one Toys R Us store on Staten Island - located in New Springville.

The company's sales have been on decline for the past five years, while Amazon's toy sales were up 24 percent last year according to figures from One Click Retail.

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