Mastermind Toys to open Sudbury store next month

Alicia Cross
September 21, 2017

The retailer said Monday night that, "to achieve its financial objectives, Toys'R'Us and some of our Us subsidiaries and our Canadian subsidiary proactively and voluntarily filed for Chapter 11 of the Bankruptcy Code in the U.S".

Photo Toys "R" Us said it would continue to operate its stores "as usual" during bankruptcy proceedings.

In a statement released late Monday night, the Toys "R" U.S. explained that they're filing for bankruptcy protection to "restructure its outstanding debt," in hopes that it will lead to more sustained long-term growth for the retail company.

The company's Canadian unit intends to seek protection in parallel proceedings, it said in a statement.

"Plath said that while Toys R Us should be able to weather the upcoming holiday shopping season, he's not optimistic it will be able to make the adjustments necessary to survive long term".

"Amazon.com is really the one that I think that has caused, as it has with many other stores that are already closed".

They're not alone. Many brick and mortar stores have struggled, or simply given up, and industry analysts see a trend.

"Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet".

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During a Chapter 11 bankruptcy filing, a company continues operating to give it a chance to come up with a plan to repay at least part of its debt.

Will Toys "R" Us stick around in Canada?

"We continue to offer unbelievable new seasonal products and great customer service, just as we always have". "We are a financially robust and self-funding retail operation, which continues to significantly grow and invest in this region".

In fact, the retailer's owners roughly a year ago started speaking to lenders in an effort to split the troubled U.S. arm from its more profitable worldwide business, a lender said.

Charles Lazarus opened Children's Bargain Town, a baby-furniture store, in Washington in 1948, according to the Toys "R" Us website. Last year, Toys "R" Us accounted for 11 percent of sales at Mattel and 9 percent at Hasbro - the second most at both companies after Wal-Mart.

There were 1,600 stores in 38 countries. The company reported that same-store sales fell by more than 4% last quarter, losing $164 million. "If they ship blindly to Toys "R" Us they could be on the wrong side of a receivership and go to the back of the line when it comes time to get paid".

"We are confident that this process will enable us to leverage Toys " R " Us' existing strengths to succeed", continued Teed-Murch. Its shares dropped 6.6 percent.

Toys "R" Us is saddled with debt from a $6.6-billion buyout in 2005, led by KKR & Co LP and Bain Capital LP, together with real estate investment trust Vornado Realty Trust.

By 2022, the company plans to spend around $1 billion to transform its big box stores by adding event space, increasing staff and wages for in-store product demonstrations and combining its flagship stores with Babies "R" Us stores.

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