Report: Toys R Us likely going out of business
NEW YORK (LilaMax Media) —
Toys R Us looks ready to throw in the towel.
The Wall Street Journal reported that the toy retailer is preparing to abandon restructuring efforts and liquidate all of its stores.
An announcement could come Monday when company executives appear in bankruptcy court.
The New Jersey-based company has not commented on the report.
The big box retailer filed for chapter 11 protection in September with the hopes of reorganizing its roughly $5 billion debt load, revamping its stores and operations, and continuing as a mainstay toy business.
Toys R Us had a weak holiday season.
The Associated Press reported that the British arm of Toys R Us went into insolvency administration Wednesday, putting 3,200 jobs at risk.
Accountancy firm Moorfields said it had been appointed to oversee "an orderly wind-down" of the debt-burdened toy chain, which has 105 U.K. stores.