Toys “R” Us filing for bankruptcy in the UK in “next few weeks”

Toys "R" Us filing for bankruptcy in the UK in "next few weeks"Image Credit: NerdWallet

Toy store goliaths Toys “R” Us, with a prominent store in Plymouth, could be stuck in an unfortunate situation, according to most recent reports.

The retailer, which has been a prominent store on Plymouth’s Western Approach for years, is considering petitioning for bankruptcy in the UK in the “following couple of weeks”, the Wall Street Journal has reported.

The move would come as a stun in front of the Christmas shopping period.

The Journal report the shop had struggled to adapt to the move in consumers accomplishing more and more of their shopping on the web.

There are more than 1,600 Toys “R” Us shops worldwide.

Managers are considering petitioning for “Chapter 11 protection” in the US Bankruptcy Court, which would mean the organization would confront restructuring in order to pay its obligations.

News organization Reuters included 3.6 billion worth of obligation.

It is working on an advance to reassure its suppliers it will have the capacity to pay them for their merchandise for the Christmas period.

The organization previously said it was working with venture bank Lazard to help deal with its endeavored refinancing.

There is no recommendation that the re-ordering of the business in the US would have any effect on the UK.

Updates as we have them.

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