Toys R Us Files for Chapter 11 Bankruptcy
Toys R Us is continuing normal business operations but has filed for Chapter 11 bankruptcy protection. ABC12 is reporting that the company is voluntarily seeking protection in U.S. Bankruptcy Court. This move will help restructure the outstanding debt that Toys R Us carries, and reorganize the toy giant for long-term growth.
At this point, the company is saying that approximately 1,600 stores will remain open. There has been no talk of closing stores yet.
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