The American toy giant Toys “R” Us has filed for bankruptcy protection, CBS News reports.

The 1,600-store retailer is buried underneath crushing debt thanks to the rise of Amazon, Walmart and Target. The chain filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court in Richmond, Virginia, on Monday night.

CBS reports, “Toys ‘R’ Us had more than $5 billion in long-term debt as of last April, and more than half of that sum is due for repayment over the next 12 months.”

As the holiday season approaches, here’s hoping the chain can pull through.

Read more at CBS News.

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