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Toys ‘R’ Us Files For Bankruptcy

With the Holidays right around the corner, Toys ‘R’ Us has officially filed for Chapter 11 bankruptcy protection, with about $5 Billion USD in debt.

According to HypeBeast,“The reason they are in so much debt, is because the iconic retailer is facing heavy competition from the online market, and it doesn’t look like things will look up fast enough.”

Also, according to Chairman and CEO Dave Brandon, the bankruptcy protection “will provide us with greater financial flexibility to invest in our business … and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide.”

Despite the news, the chain announced they will continue to keep their doors open during the Holiday season while the companies financial troubles are being sorted out.