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 that is caught in a viselike grip of online shopping and discount chains. 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 received a commitment for over $3 billion in debtor-in-possession financing from lenders including a JPMorgan-led bank syndicate and certain existing lenders, said the Wayne, New Jersey-based company, which also operates the Babies ‘R’ Us chain. The company’s Toys ‘R’ Us and Babies ‘R’ Us stores and e-commerce sites around the world are open for business, it said. Toys ‘R’ Us has bonds coming due next year that have lost half their value this month, according to Thomson Reuters data, as investors have grown concerned about a possible bankruptcy.

Source: Hindustan Times September 19, 2017 05:03 UTC