Retail chains filing for bankruptcy protection in 2017

Toys 'R' Us shutdown looms amid bankruptcy filing

New reports suggest Toys R Us bankruptcy claim before Christmas

We have a number of exciting initiatives underway including improvements to our stores and loyalty program, and we are leveraging technology to bring our physical stores to life.

Brick and mortar retailers continue to face pressure from online competition and changing consumer taste, helping lead to high profile restructurings including Sears Canada's bankruptcy protection this past June.

Toys "R" Us has been struggling to keep up with online e-commerce retailers like Amazon and an industry at-large increasingly shifting online.

Global toy retailer Toys R Us may file for bankruptcy as soon as the next few weeks, sources close to the retailer have suggested.

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Operations outside of the United States and Canada, including about 255 licensed stores and joint venture partnerships in Asia, which are separate entities, are not part of the bankruptcy proceedings, it said.

Reports earlier this month that the company hired a law firm that specializes in bankruptcy set off "a risky game of dominoes", David Brandon, the company's chief executive and chairman, said in a court filing.

The company said it would use the bankruptcy protection to restructure its $5 billion in debt and put into place new long-term strategies to cope with a challenging world for traditional retail models.

Now the toy store chain has three owners - Bain Capital and Kohlberg Kravis Roberts which are two private equity businesses, and Vornado Realty Trust a real estate business.

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According to CNBC, the fourth-quarter holiday period accounts for about 40 percent of Toys "R" Us $11.5 billion in annual sales. Babies "R" Us, the brand which deals with toys and products exclusively for babies, is also planning to enter India soon.

The company's chairman and CEO, Dave Brandon, says in a statement that the Chapter 11 bankruptcy filing marks the start of a new era for Toys "R" Us. He started a baby furniture store in Washington, D.C. prior to opening the first Toys "R" Us store in 1957.

The toy store plans on keeping its approximately 1,600 Toys "R" Us and Babies "R" Us stores open worldwide, noting that they are still profitable. It was left with a considerable amount of debt, and the company was staring down a $400 million debt payment next year.

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