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19-09-2017, 01:23 PM
Toys ‘R’ Us Seeks Bankruptcy, Crushed by Online Competition
By Dawn McCarty
September 19, 2017, 11:42 AM GMT+8 Updated on September 19, 2017, 1:10 PM GMT+8
Toys “R” Us Inc. filed for bankruptcy as the retailer, loaded with debt in a buyout more than a decade ago, failed to keep consumers from abandoning its stores for the lower prices and convenience of online shopping.
The company listed debt and assets of more than $1 billion each in Chapter 11 documents Monday in U.S. Bankruptcy Court in Richmond, Virginia. Prior to filing, the chain secured more than $3 billion in financing from lenders including a JPMorgan Chase & Co.-led bank syndicate and certain existing lenders to fund operations while it restructures, according to a company statement. The funding is subject to court approval.
The company didn’t announce plans to close stores, and said its locations across the globe would continue normal operations.
More details in https://www.bloomberg.com/news/articles/...ompetition
By Dawn McCarty
September 19, 2017, 11:42 AM GMT+8 Updated on September 19, 2017, 1:10 PM GMT+8
Toys “R” Us Inc. filed for bankruptcy as the retailer, loaded with debt in a buyout more than a decade ago, failed to keep consumers from abandoning its stores for the lower prices and convenience of online shopping.
The company listed debt and assets of more than $1 billion each in Chapter 11 documents Monday in U.S. Bankruptcy Court in Richmond, Virginia. Prior to filing, the chain secured more than $3 billion in financing from lenders including a JPMorgan Chase & Co.-led bank syndicate and certain existing lenders to fund operations while it restructures, according to a company statement. The funding is subject to court approval.
The company didn’t announce plans to close stores, and said its locations across the globe would continue normal operations.
More details in https://www.bloomberg.com/news/articles/...ompetition
Specuvestor: Asset - Business - Structure.