NEW YORK: Toys 'R' Us Inc, the largest US toy store chain, filed for bankruptcy protection on Monday, the latest sign of turmoil in the retail industry caught in a viselike grip of online shopping and discount chains. Toys 'R' Us said it received a commitment for over US$3 billion in debtor-in-possession financing from lenders including a JPMorgan-led bank syndicate and certain of the company's existing lenders. The new financing, subject to court approval, is expected to immediately improve the company's financial health and support its ongoing operations during the court-supervised process, Toys 'R' Us said. It comes just as Toys 'R' Us is gearing up for the holiday shopping season, which accounts for the bulk of its sales. Toys 'R' Us filed the petition in the US Bankruptcy Court for the Eastern District of Virginia in Richmond, Virginia.

Source: New Strait Times September 19, 2017 04:30 UTC