Toys “R” Us Canada Ltd. says it has filed for creditor safety whereas it really works to restructure the enterprise.
The toy retailer says in court docket paperwork that the submitting was crucial as a result of it has struggled to deal with inflation, rising labour prices, provide chain disruptions and a shift towards e-commerce.
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It says it lately laid off employees, closed unprofitable shops and negotiated with suppliers to strive to deal with the headwinds however the strikes weren’t sufficient to assist stabilize the corporate
Toys “R” Us Canada says it now owes at the least $120 million to its distributors and substantial quantities to landlords.
Whereas its 22 present shops stay open, the corporate says it could cut back the variety of areas it operates additional.
The corporate had 81 shops when Ancaster, Ont-.based mostly Putman Investments purchased the enterprise from Fairfax Monetary Holdings Ltd. in 2021.
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