WAYNE, NJ – September 18, 2017 – Toys“R”Us, Inc. today announced that the Company and certain of its U.S. subsidiaries and its Canadian subsidiary have filed for Chapter 11 . In addition, the Company’s Canadian subsidiary today intends to seek protection as well.
The Company’s operations outside of the U.S. and Canada, including its approximately 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings.
The Company’s approximately 1,600 Toys“R”Us and Babies“R”Us stores around the world are continuing to operate.
The Company has received a commitment for over $3.0 billion in debtor-in-possession (“DIP”) financing from various lenders, including a JPMorgan-led bank syndicate and certain of the Company’s existing lenders, which, subject to Court approval.
In conjunction with the Chapter 11 process in the U.S., the Company has filed a number of customary motions with the bankruptcy court seeking authorization to support its operations during the restructuring process and ensure a smooth transition into Chapter 11 without disruption, including authority to continue payment of employee wages and benefits, honor customer programs, and pay vendors and suppliers in the ordinary course for all goods provided on or after the filing date.
Additional information can be accessed by visiting the Company’s restructuring website at www.toysrusinc.com/restructuring, calling the Company’s Information Hotline, toll- free in the U.S. and Canada at (844) 794-3476, or sending an email to toysrusinfo@PrimeClerk.com. Court filings and other documents related to the court- supervised process in the U.S. are available on a separate website administered by the Company’s claims agent, Prime Clerk, at https://cases.primeclerk.com/toysrus. Information about the CCAA proceedings will be available on a separate site maintained by an independent monitor. The appointment of the monitor and address of the monitor website are expected to be announced later today.
Kirkland & Ellis LLP is serving as principal legal counsel to Toys“R”Us, Alvarez & Marsal is serving as restructuring advisor and Lazard is serving as financial advisor.
Court Documents--First Day Motions: https://cases.primeclerk.com/toysrus/Home-DocketInfo?DocAttribute=3462&DocAttrName=FirstDayMotions