Toys “R” Us has filed for bankruptcy protection in the United States and will do the same in Canada, the company announced Monday.
The company filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court in Richmond, Virginia and said it intends to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice.
The brand’s approximately 1,600 Toys”R”Us and Babies”R”Us stores around the world are continuing to operate as usual during the process.
Toys “R” Us said its loyalty programs, including its Rewards”R”Us, Geoffrey’s Birthday List and Babies”R”Us Registry, will continue as normal.
Founded in 1948, Toys “R” Us is headquartered in Wayne, New Jersey, and boasts nearly 65,000 employees worldwide.
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