Toys R Us, one of the world leaders in the toy industry, has officially announced that it is placing itself under the protection of Chapter 11 of the US bankruptcy law, equivalent to our receivership.
Less than ten days ago Standard&Poors had decided to lower the rating from B- to Ccc+, putting the top management of the giant in the production and sale of toys on alert about possible negative repercussions.
Therefore, the cost reduction policy undertaken from 2015 to today was not enough to recover the over five billion in debt, it was not enough to close the historic Times Square store. Toys R Us closes its doors.
The New Jersey group is now preparing to "restructure the existing debt and create a healthy capital structure in order to be able to invest in its long-term growth and realize its aspiration of bringing games to children all over the world".
