News out earlier from the US toy retailing giant 19 Sept
- move casts a shadow over the future of the company's nearly 1,600 stores and 64,000 employees
- the firm's European operations are not part of the bankruptcy proceedings and Toys R Us says it does not expect any immediate impact on its UK stores.
- Toys R Us's operations in Australia, about 255 licensed stores and a joint venture partnership in Asia are also not included in the bankruptcy move
Toys 'R' Us wants to use the bankruptcy process to restructure and make the company viable over the long term
enormous debt levels are its most immediate problem.
various lenders, including a JPMorgan-led bank syndicate and some of the company's existing lenders, have committed more than $3bn in new financing to turn the company around.
Toys 'R' Us is one of a number of traditional US retailers to have run into trouble recently after struggling against the likes of Amazon.
Department store chain Sears has been struggling with falling sales and heavy losses. In January, it announced the closure of more than 100 stores while Macy's, which also owns Bloomingdales - have also seen sales slide.
US clothing chains The Limited and Wet Seal filed for bankruptcy protection earlier this year, as did discount shoe retailer Payless.
More background story from the BBC here
Most definitely a notable sign of the times, in more ways than one.
