Toys “R” Us Files for Bankruptcy Protection
The retail landscape in Canada takes no prisoners and is ever changing. CBC News is reporting that Toys “R” Us based out of Wayne, New Jersey announced late on Monday that it was filing for bankruptcy protection, and that Toy “R” Us’ subsidiary Canadian company will be following suit.
Toys “R” Us said it has begun an effort to restructure its outstanding debts in hopes of future long-term growth. As of now, Toys “R” Us is stating that no international closures (Canada) are planned for the near future and the retailer will continue to work with suppliers and products.
This is an interesting move for Toys “R” Us as according to to the CBC the vast majority of international stores are profitable and have plans for business as usual.
Its very likely that due to Toys “R” Us’ product mix, the store is facing intense competition from competitors like Amazon and Alibaba who have extensive toy and baby product catalogs.
For now, if you are a Toys “R” Us shopper, you can continue to shop in Canada and access all products on line.