Toys “R” Us files for bankruptcy protection in Canada
TORONTO — Toys “R” Us Canada has initiated bankruptcy proceedings in an Ontario court a day after it filed for creditor protection in the U.S.
The company said Tuesday its 82 stores across Canada, as well as its e-commerce sites will continue to operate as usual during its restructuring process under the Companies’ Creditors Arrangement Act.
“The restructuring is intended to facilitate the continued success of our iconic brands; building a stronger company for our customers, business partners and team members,” Melanie Teed-Murch, president of Toys “R” Us and Babies “R” Us Canada said in a statement.
The move comes at a critical time leading into the holiday season that is crucial to retailers’ bottom lines.