Toys R Us announced late last night that it has filed for bankruptcy protection. The company says it will continue normal business operations throughout the holiday season. No store closures have been announced, and stores outside of Canada and the United States are not part of the filing.
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Toys R Us is preparing to possibly file for bankruptcy before Christmas, multiple sources say.
The company is reportedly putting together a multi-million-dollar loan that could fund its operations if it goes bankrupt in the next few months.
Toys R Us could make the move as early as sometime in the next few weeks. The Wall Street Journal reported that the toy supergiant is considering filing for Chapter 11 protection in the US Bankruptcy Court.
The company hasn't made any official public statements yet, but it looks like Toys R Us has been struggling to keep up with online shoppers buying from Amazon and similar retailers.
Toys R Us currently has more than 1,600 stores worldwide and over $5 billion in debt, a Reuters report says.
No store closures have been announced, but one report says future Canadian closures are possible.
The news is leaving some people wondering where they'll do their Christmas shopping if Toys R Us goes bankrupt before the holidays. What do you think you'll do?
While this is definitely sad news, it might mean more sales will pop up at Toys R Us Canada – so make sure you stay tuned to our deal page for updates!
seems everyone's got the same idea as us Walmart has the same stuff at half the cost!
Honestly, while I find this sad, it doesn't surprise me. The prices at Toys R Us always seem to be so much higher than other stores. They do price match, but still. The only thing they have over other stores is the selection unfortunately.
Yes and ordering online through mobile sucks. The website is super laggy
Jessica Mackenzie oh I totally agree!
No!!
Nooooo
Whut. No.
So many stores closing lately!!
Ya, I heard this! I heard that they owe lots of money. Hopefully lots of deals coming soon. If so, we are going shopping lol
you better spend those gift cards quickly for the boys!
I wouldn't be too sad. I don't go to our store in Saskatoon cause they never have what I want in stock and our customer service sucks. If I need something from them it's online
Same here in Kitchener, Ontario
Over priced and bad customer service....
Figures...
Cause they charge to damn much
It's sad but I'm not surprise. They charge too much. Service is bad too. Lawrence and Victoria park location they made us wait 45 min for our car set. Customer service lady told us she will be back but never did.
No surprise. They either out of stock or prices higher than other places. I have kids but TRU flyers go straight into recycling.
Finally we can relate
Yeah this has been going on for a while now. They haven't filed yet tho
The service in this place is always awful. Doesn't matter which location you go. I think the only one that had good service, was well stocked and clean was one in markham. Otherwise I always hate going in. Try finding someone to help you in the baby registry area---go ahead. I dare you!
Before Christmas? That would be disastrous!! Although personally I wouldn't miss it that much..
One day we won't have any stores to actually go in to shop they will be a thing of the past
I think so too...its a bummer. I love looking at stuff in person..hope it's a long way away yet
me tooo
Great service at the Dartmouth crossing location