Toys R Us Files for Bankruptcy Prior to the 2017 Holiday Season

One of our favorite childhood stores, which is also one of the world's largest toy retailers is facing trouble before the holiday season even gets started.

Toys R Us has filed for Chapter 11 bankruptcy according to CNBC.com. Bankruptcy comes ahead of the busiest time of the year for the iconic toy store. According to the report, Toy R Us is struggling to pay a $400 million dollar debt due in 2018.

The company will close stores that under perform and stores will also get a makeover according to a report from the USA Today.

The toy store giant has also been hurt by online sales. Amazon is currently number 2 for toy sales right behind Walmart. No word on any store closings due to the bankruptcy issues.

I have such found memories of shopping at Toys R Us when my boys were small. My wife and I would be armed and ready with our boys' Christmas lists. I used to love walking down the aisles of Toys R Us and filling an entire shopping cart filled with toys in less than 15 minutes. Of course, my wife and I would have to go out for a drink after to ease the pain of spending way too much for our boys for Christmas!

Source: CNBC.com usatoday.com

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