Toys 'R' Us stores remain open despite debt revamp in N. America


NOT MUCH IMPROVEMENT: In-store pickup is one of many services being tested as retailers try to use their stores as mini-shipping hubs to get items to shoppers more quickly. It comes in response to competition from the No. 1 US online retailer, Amazon.com Inc, which has streamlined its delivery service.

KUALA LUMPUR: Global toy and baby products retailer Toys"R"Us, Inc. affirms that all its 1,600 stores are open for business amid a court-supervised restructuring of the finances in the US and Canada.

It said on Tuesday the Toys"R"Us and Babies"R"Us stores and e-commerce sites around the world are open for business.

“Toys"R"Us, Inc. and certain of its subsidiaries are implementing a court-supervised process in the US and Canada that will allow the company to restructure its finances while continuing normal business operations,” it said in a statement issued out of Wayne, New Jersey. 

Its operations outside of the US and Canada, including its operations in Europe and Australia and 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 expects this process will enable it to restructure its outstanding debt, which will provide greater financial flexibility to invest in the continued growth of the Company and build on its position as the best toy and baby retailer in the world.

"We are confident that we are taking the right steps to ensure that the iconic Toys"R"Us and Babies"R"Us brands live on for many generations," said chairman and CEO Dave Brandon. 

"Our customers around the world can continue to count on an outstanding shopping experience and excellent service whenever, wherever and however they choose to shop with us. 

“As the holiday season approaches, our global team members are ready to serve the millions of kids and families who will be shopping with us," he said. 

For more on the company's restructuring, click on https://www.toysrusinc.com/restructuring
 

Corporate News

   

Across The Star Online


Air Pollutant Index

Highest API Readings

    Select State and Location to view the latest API reading

    Source: Department of Environment, Malaysia