Toys “R” Us Files Bankruptcy

In advance of the upcoming holiday shopping season, Toys "R" Us (Wayne, N.J.) has filed for bankruptcy protection, though it is insisting that its stores will remain open for now.

The company has $5 billion in debt, and it considers the proceedings as a way to restructure its debt and work with its creditors. It hopes the protection will allow it “greater financial flexibility to invest in our business,” CEO Dave Brandon said in a statement, according to Chicago Tribune.

The company plans to work with suppliers and keep its shelves stocked, in preparation for the upcoming shopping season.