Toys “R” Us Inc. has announced that it will shutter around one-fifth of its stores across the country.
From February through April, about 180 stores will close, Chief Executive David Brandon shared in a letter on Tuesday.
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, in September.
CBS reported that “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.”
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