20 September, 2017
But Dave Brandon, chairman and CEO, said he is confident about plans to restructure the company for a sustainable future.
In a statement on its website, the toy company said it had filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. and meant to seek protection under the Companies' Creditors Arrangement Act (CCAA) in Canada.
According to sources, part of the retailer's current financial problems stem from vendors demanding tighter repayment terms over fears that Toys "R" Us may file for bankruptcy.
Mattel said in its annual report that it typically makes sales on credit, without collateral, and it warned that a bankruptcy filing by any major customer could significantly affect revenue and profitability.
The company, which is 60 years old, was for many years the preeminent retailer for toys in the US with a Times Square New York flagship location and its icon Geoffrey the Giraffe. The company's operations outside of the US and Canada are not part of the protections proceedings, it said.
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Ltd. on Tuesday clarified that its stores in Hong Kong and other parts of Greater China and Southeast Asia remain open and unaffected by the United States company's financial restructuring.
Toys "R" Us said shoppers should not notice a difference as they do their holiday shopping.
The once ubiquitous toy retailer has increasingly found it hard to assert itself within the growing online market place and changing consumer patterns. The goal is to restructure debt and build long-term growth.
Toys R Us has approximately 1,600 stores around the world, which Brandon confirmed are still mostly profitable. The retailer also is facing is a debt of $5 billion, according to the company.
The financial restructuring, Toys R Us hopes, will allow the company to alleviate its debt and continue to operate.