Toys R Us Files For Bankruptcy Protection As Holidays Approach
LOS ANGELES (CBSLA) — Toys R Us could reportedly file bankruptcy this week, just months ahead of the Christmas shopping season.
The toy giant has hired a law firm to address a $400 million debt load coming due next year, according to the Wall Street Journal.
Like other big box retail chains, Toys R Us has struggled to keep up with the steady migration of shoppers to online outlets, which have in turn forced prices downward and cut down on in-store visits, The Journal reported.
Some of the store's suppliers have reportedly held back on shipments unless the retailer pays for deliveries in cash.
Toys R Us has more than 1,600 stores worldwide.
