FILE PHOTO:  Consumers leave a Toys R Us store with full shopping carts after shopping on the day dubbed "Black Friday" in Framingham, Massachusetts, U.S., November 25, 2011.   REUTERS/Adam Hunger/File Photo
A Toys R Us store in Framingham, Massachusetts. The company has filed for bankruptcy. Adam Hunger/Reuters

Toys 'R' Us files for bankruptcy



Toys “R” Us hasfiled for bankruptcy as the retailer, loaded with debt in a buyout more than a decade ago, failed to keep consumers from abandoning its stores for the lower prices and convenience of online shopping.

The company filed Chapter 11 documents late Monday in US Bankruptcy Court in Richmond, Virginia. The chain secured US$3 billion in debtor-in-possession financing to stay open while it restructures, according to a company statement.

The bankruptcy filing is the latest blow to a bricks-and-mortar retail industry reeling from store closures, sluggish mall traffic and the threat of Amazon.com. More than a dozen major retailers have filed for creditor protection this year, including Payless, Gymboree and Perfumania, all of which are using the Chapter 11 process to close underperforming stores and expand online operations.

Much of the toy merchant’s debt is the legacy of a $7.5bn leveraged buyout in 2005 in which Bain Capital, KKR & Co and Vornado Realty Trust loaded the company with debt to take it private. Since then, the New Jersey-based chain has struggled to dig itself out.

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The chief executive David Brandon took over Toys “R” Us in 2015 and sought to make shopping there a more enjoyable experience. Last year, he set out a vision of kids “dragging their parents to our stores because they want to see what’s going on.”

The retailer introduced the “Hot Toy Finder,” which tells customers exactly where in their local store to find the items featured on its “Holiday Hot Toy List”. The chain, which has provided the annual list of the 50 hottest toys for 20 years, also offered price matching and free layaway.

While Mr Brandon made some progress reducing liabilities, he ultimately was unable to resuscitate the closely held chain’s fortunes. The company reported a net loss of $164 million in the quarter ended April 29, compared with $126m for the same period in the prior year. It hasn’t shown an annual profit since 2013.

The company sells toys and baby merchandise in more than 1,500 Toys “R” Us and Babies “R” Us locations worldwide and through websites including Toysrus.com and Babiesrus.com.

Charles Lazarus opened Children’s Bargain Town, a baby-furniture store, in Washington in 1948, according to the Toys “R” Us website. He added toys two years later and opened the first Toys “R” Us, modelled after self-service supermarkets, in 1957. Mr Lazarus stepped down as chairman and chief executive in 1994. Two years later, the first babies “R” Us opened.

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

Jebel Ali Dragons 26 Bahrain 23

Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3

Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2

PRIMERA LIGA FIXTURES

All times UAE (+4 GMT)

Saturday
Atletico Madrid v Sevilla (3pm)
Alaves v Real Madrid (6.15pm)
Malaga v Athletic Bilbao (8.30pm)
Girona v Barcelona (10.45pm)

Sunday
Espanyol v Deportivo la Coruna (2pm)
Getafe v Villarreal (6.15pm)
Eibar v Celta Vigo (8.30pm)
Las Palmas v Leganes (8.30pm)
Real Sociedad v Valencia (10.45pm)

Monday
Real Betis v Levante (11.pm)

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

STAR WARS JEDI: SURVIVOR

Developer: Respawn Entertainment
Publisher: Electronic Arts
Consoles: PC, Playstation 5, Xbox Series X and S
Rating: 4/5

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm


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