It’s Over for Toys ‘R’ Us: Liquidation Next
Toys ‘R’ Us, after it filed for Chapter 11 bankruptcy last September to restructure its debts, vowed that it would go on as a company and not even close any stores. It blamed the media for having caused this problem by reporting that it had hired a bankruptcy law firm. This piece of information had, it said, caused about 40% of its suppliers to halt shipments just before the crucial holiday selling period. So it had to seek bankruptcy protection, it said. Going forward, it would try to renegotiate its debts or try to find a buyer. But none of it worked out.
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