Toys R Us filing for bankruptcy has set off a wave of panic in shoppers.
On Monday, the toy retailer filed for Chapter 11 bankruptcy protection ahead of the 2017 holiday shopping season — a crucial time of year for any toy seller.
Nostalgic customers quickly began freaking out about the prospect of losing a store that defined their childhood.
However, there’s no need for customers to freak out yet. Toys R Us may have filed for bankruptcy — but that does not necessarily mean that its stores are closing.
Chapter 11 bankruptcy is a way for Toys R Us to restructure and renegotiate its roughly $US5 billion in debt. It’s not a death sentence for stores. For example, retailers such as Eddie Bauer and Aeropostale have kept stores open despite filing for bankruptcy, though both brands closed locations following the filing.
“At Toys R Us, we’re taking the right steps to ensure that the iconic Toys R Us and Babies R Us brands live on for many generations,” the company wrote on Facebook on Tuesday. “Most importantly — It’s business as usual! All of our stores around the world are open, and you can also continue to shop online.”
In other words, while Toys R Us may announce some closures in the future, there’s no need to panic just yet.
How Toys ‘R Us gone go bankrupt before I even get to have kids ????
— Nina Mosley???? (@dimedotcom) September 19, 2017
First they take our blockbuster…
Now they take our Toys R’ Us…
Toys R Us is about to be the new Blockbuster.
Toys R Us closing legit made me feel a ping of sadness. That was a place of pure happiness when I was a yute.
— ???? MANS NOT HOT (@CoryTownes) September 19, 2017
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