Toys R Us Seeks Bankruptcy Protection--Amazon Effect? Yes.
September 18, 2017 – Toys“R”Us, Inc. today announced that it and certain of its U.S. subsidiaries and its Canadian subsidiary have voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court. In addition, the Company’s Canadian subsidiary today intends to seek protection proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). The Company intends to use the proceedings to restructure its outstanding debt and establish a capital structure to enable it to invest in growth, it claimed!
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.
Will vendors be paid for goods or services provided on or after the filing date?
Will vendors be paid for goods and services delivered prior to the filing date?