Toys 'R' Us files for bankruptcy protection

Updated: Tue, Sep 19, 2017
09:24 am
Reuters
RELATED NEWS
Every FY21 budget assumption will have to be reviewed: FM Sitharaman Every FY21 budget assumption will have to be reviewed: FM Sitharaman
Repo rate cut to likely reduce bank deposit rates, drive PSU customers to private banks: Former SBI Chairman Repo rate cut to likely reduce bank deposit rates, drive PSU customers to private banks: Former SBI Chairman

Toys "R" Us Inc, the largest U.S. toy store chain, filed for bankruptcy protection on Monday, the latest sign of turmoil in the retail industry caught in a viselike grip of online shopping and discount chains.

The Chapter 11 filing is among the largest ever by a specialty retailer and casts doubt over the future of the company`s approximately 1,600 stores and 64,000 employees. It comes just as Toys "R" Us is gearing up for the holiday shopping season, which accounts for the bulk of its sales.

Toys "R" Us filed the petition in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond, Virginia.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.