Toys "R" Us, Inc. has voluntarily filed for relief under Chapter 11, company officials announced Monday.
The company's Canadian subsidiary also intends to seek protection in parallel proceedings under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice.
RELATED: 5 things to know about Toys 'R' Us bankruptcy
Toys R Us 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 and fuel its aspirations to bring play to kids everywhere and be a best friend to parents.
Stay with whio.com for updates.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/NPXIASZJMBE2TDUIYNOLYC2DEA.png)
:quality(70)/d1hfln2sfez66z.cloudfront.net/11-17-2023/t_cbb526bdafe04704b726c57268edba7e_name_file_960x540_1200_v3_1_.jpg)
:quality(70)/d1hfln2sfez66z.cloudfront.net/04-23-2024/t_c5814e7e501248d696fce6d18cc01979_name_file_960x540_1200_v3_1_.jpg)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/PDDQRDL4YRGCJETREA2U2OS3YA.jpg)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/4I6Y46VY2BCMFHRIVDJRH65OAA.jpg)