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20 September 2017, 12:27 | Susie Olson
Toys 'R' Us considers bankruptcy as vendors tighten screws
The New Jersey-based company said the vast majority of its 1,600 stores around the world were profitable, adding that its businesses outside North America, including the United Kingdom, were not affected.
The company has been battling $5 billion in debt and struggling to keep up in an industry increasingly shifting online.
The filing comes as the New Jersey-based toy retailer grapples with $4.9 billion in debt, including $400 million in interest payments due in 2018 and $1.7 billion due in 2019.
Toys "R" Us is the second-largest USA toy retailer behind Amazon.com Inc., according to data compiled by Muller.
Like every other store, the Toys "R" Us near the Beaver Valley Mall in Center Township will remain open during this time.
"Unfortunately, Toys "R" Us has not responded effectively to these challenges", said Neil Saunders, managing director of GlobalData Retail. He said that the store will be inaugurated by the Toys "R" Us core team and confirmed that they have already shared the launch plan with Phoenix.
The filing might come before the holiday sales season.
The Wall Street Journalreported that the company was considering filing for Chapter 11 protection in the US Bankruptcy Court. This Children's Supermart would eventually become Toys "R" Us, the first and biggest name in toy shopping for several generations. But the move might also make customers and manufacturers less confident, keeping some shoppers away during the holiday season and causing some toy manufacturers to become more cautious with their deliveries.
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