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Toys R Us Files For Bankruptcy as Holiday Season Approaches

Greg Hewitt

Toys “R” Us  filed for bankruptcy protection Monday night with a crushing debt load that had turned the 1,600-store chain into an also-ran against larger rivals such as Amazon.com, Walmart and Target.

The retailer filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court in Richmond, Virginia, saying in a statement it “intends to use these court-supervised proceedings to restructure its outstanding debt and establish a sustainable capital structure that will enable it to invest in long-term growth.”

Toys “R” Us said Monday the company’s “approximately 1,600 Toys ‘R’ Us and Babies ‘R’ Us stores around the world — the vast majority of which are profitable — are continuing to operate as usual.

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