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“Together with our investors, our objective is to work with our debt holders and other creditors to restructure the billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide.
“We are confident that these are the right steps to ensure that the iconic Toys ‘R’ Us and Babies ‘R’ Us brands liv eon for many generations.” Toys ‘R’ Us is not the only retail giant this year to announce it was having problems since the rise of online shopping.
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Toys ‘R’ Us, which has more than 1,600 shops worldwide and 64,000 members of staff, has been struggling with customers switching to shopping online rather than taking to the high street.
The retail giant has now announced its north American arm is seeking “Chapter 11 protection” from the US Bankruptcy court.
But how will Toys ‘R’ Us filing for bankruptcy in the US affect UK stores and jobs?