Cover image via KLIA2
Toy store chain Toys "R" Us has filed for bankruptcy protection in the US and Canada, following weeks of speculation as it faces intense competition from online retailers
Image via Top-Toy
[Bloomberg](https://www.bloomberg.com/news/articles/2017-09-19/toys-r-us-files-for-bankruptcy-crushed-by-online-competition) reported that the company listed debt and assets amounting to more than USD1 billion in the bankruptcy documents on Monday, 18 September.
Prior to the filing, Toys "R" Us managed to secure a funding, which is subjected to court approval, of over USD3 billlion from several lenders.
The filing is among the largest ever by a speciality retailer in the US and casts doubt over the future of its about 1,600 stores and 64,000 employees in North America
Image via For The Mommas
"Today marks the dawn of a new era at Toys "R" Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way," said Dave Brandon, the company's chairman and CEO, said as quoted by [Channel News Asia](http://www.channelnewsasia.com/news/business/toys-r-us-files-for-bankruptcy-protection-9229958).
However, operations outside of the United States and Canda, including the 226 stores in Greater China and Southeast Asia, will not be affected by the restructuring
The company's Asia counterpart confirmed via a press release that it is not part of the company's financial restructuring.
**"Toys "R" Us (Asia) is open for business and continuing to serve our customers as we always do. We are a financially robust and self-funding retail operation, which continues to significantly grow and invest in this region,"** said Andre Javes, President of Toys "R" Us (Asia).
Toys "R" Us (Asia) is a joint venture owned approximately 85% by Toys "R" Us Inc and 15% by Fung Retailing (a privately-held entity and member of the Fung Group). It operates as a separate legal entity and is financially independent from all other Toys "R" Us operating companies around the world.
Image via Inside Retail Asia
