One Of Aus's Biggest Retailers Could Go Bankruput
Toys R Us is reportedly on the verge of declaring bankruptcy and they may not even make it to Christmas.
The toy giant is reported to have struggled to keep itself in business since it was bought out a decade again and plagued with a large debt that it hasn’t recovered from.
The decline in sales is down to the surge in online sales, especially for big tickets items.
The US-based company reportedly has debts that soar to around US$5 billion and has been negotiating with stakeholders in a last-ditch attempt to stave off insolvency.
Sources close to the business have said the company plans to file r bankruptcy protection as soon as this week, which would allow the beleaguered company time to restructure the US$400million worth of debt that is immediately repayable next year, and potentially relaunch as a much more cost-efficient entity.
There is no word on whether its Australian stores will be affected.