Toys 'R' Us to liquidate business operations in U.S.
By Cecilio Leacock IBexclusive News Thursday, March 08, 2018.
(IBexclusive) - Toys “R” Us Inc. is in the process of liquidation after failing to find a buyer, according to a report.
The company, which filed for bankruptcy in September, remains on the hunt to find a buyer in hopes of keeping business operations running, Bloomberg News reported.
The New Jersey-based company received a $3.1 billion loan to maintain operations while it focused on reducing its $5 billion debt, according to Bloomberg.
Toys “R” Us operated 900 stores across the U.S. and New York City’s flagship store in Manhattan closed two years ago.
The company was slated to close 180 stores within the coming months.
A Toys “R” Us spokesman declined to comment.