Toys 'R' Us' unusual silence forced its bankruptcy

Toys R Us Ltd which operates Toys R Us at least 226 stores throughout eight countries in the region including Thailand says it is a separate legal entity and remains unaffected by the bankruptcy petition in the US

Toys R Us Ltd which operates Toys R Us at least 226 stores throughout eight countries in the region including Thailand says it is a separate legal entity and remains unaffected by the bankruptcy petition in the US

The group's Chief Executive Officer Lutz Muller said Toys "R" Us must have money in place to ensure merchandise is on the shelf for the upcoming holiday season.

Like so many other retailers, Toys "R" Us is striving to build its business online.

On Tuesday, toy chain Toys R Us filed for bankruptcy in the U.S. and Canada, while it confirms its Australian stores will continue to operate.

Toys "R" Us, the world's leading retailer dedicated to toy and baby products, filed for chapter 11 bankruptcy protection late Monday night due to a debt load and severe competition from online retailers.

The company's Canadian unit intends to seek protection in parallel proceedings, it said in a statement. It comes just as Toys "R" Us is gearing up for the holiday shopping season, which accounts for the bulk of its sales.

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Toys "R" Us Philippines operates 34 stand-alone stores and 44 Toys "R" Us Toybox outlets inside Robinsons Department Store branches.

The company said the proceedings are a way for Toys "R" Us to work with its creditors on restructuring its debt. Either way, for '90s gamers, the company's Chapter 11 announcement is concerning news. Initiatives include improving its website and revamping its Babies R Us business, by focusing on items like cribs that are less likely than diapers to be sold on Amazon.

Various lenders including JPMorgan have already committed as much as $3bn already to financing the attempted company turn around.

"Our customers around the world can continue to count on an outstanding shopping experience and excellent service whenever, wherever and however they choose to shop with us", he said.

A dozen big USA retailers have filed for creditor protection this year.

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One way for the company to adapt would be to have "interactive and experiential" stores, with more opportunities for children and parents to test and play with products.

The bankruptcy filing led some suppliers to reduce their shipments to Toys "R" Us because of their worries surrounding the retailer's ability to pay its debt. Its shares dropped 6.6 percent.

Holders of Mattel stock may find some solace in the fact that at least some Toys R Us stores may remain open. Big retail companies, which have taken on massive debt-primarily to lease large store spaces in order to expand their footprints-are no longer finding it viable to keep operating these underperforming stores.

During the times before the Internet (some might call this the Dark Ages), kids had to find out what games and consoles to get from friends or from the kiosks that Toys R Us had. In 2005, taking the company private, Bain Capital, KKR & Co., and Vornado Realty Trust loaded it with $7.5 billion in borrowing, and the company has been hamstrung ever since.

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

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