Bankrupt Toys ‘R’ Us is preparing to sell or close all 885 stores in its US chain, risking up to 33,000 jobs, after failing to reach a deal to restructure billions of dollars in debt, a person familiar with the matter said on Wednesday.
With shoppers flocking to online platforms like Amazon.com and children choosing electronic gadgets over toys, Toys ‘R’ Us has struggled to service debt from a $US6.6 billion leveraged buyout by private equity firms KKR & Co LP and Bain Capital and real estate investor Vornado Realty Trust in 2005.
Toys ‘R’ Us had been closing one-fifth of its US stores as part of efforts to emerge from one of the largest ever bankruptcies by a specialty retailer.
But creditors decided they can get more from liquidatin…
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