The United States largest toy store chain has filed for bankruptcy protection late Monday evening.
According to published reports, in the latest sign of turmoil in the toy retail industry that is grappling with the effects of online shopping and discount chains.
The Wayne New Jersey-based company filed Chapter 11 protection casting doubt on the future of its nearly 1,600 stores and over 63,000 employees reports said.
The filing comes amid Toys ‘R’ Us preparing for the holiday shopping season, which accounts for the bulk of its sales.
Company officials said “While Mondays decision does not necessarily mean it is game over for Toys ‘R’ Us, it brings to a close a turbulent chapter in the iconic company’s history,”
Toys 'R' Us has about 35 stores in New Jersey.
INFORMATION CREDIT: Reuters