Economy

Bankrupt Toys R Us Is Hiring For The Holidays

Bankrupt Toys R Us Is Hiring For The Holidays”

The bankruptcy filing of Toys "R" Us, Inc. earlier this week will not affect Asian branches of the global toy seller it has emerged, after the company responsible for the region's operations stressed its financial independence from the USA company.

Toys R Us has almost 1,000 Toys R Us and Babies R Us stores across the United States and Canada, and filed for bankruptcy protection on Monday. But as anyone with kids nowadays knows, those days visiting soulless warehouse toy stores just don't happen anymore, and all the goodies come in the post.

"Today marks the dawn of a new era at Toys "R" Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way", said Dave Brandon, the company's chairman and CEO, in a release announcing the filing.

At the heart of the issue is debt.

Leon Neal via Getty Images A Toys R Us location in Luton, England, on September 19.

This is extremely important for the company as a whole because of the upcoming holiday season.

News reports earlier this month speculating that the company may be going bankrupt made business partners nervous.

The company said on Monday it had secured US$3.1 billion (C$3.8 billion) in new financing which will allow it to continue operations into the holiday season.

Toys "R" Us said it plans to invest $72.4 million between 2018 and 2021 into "raising starting wages to market-competitive levels for store employees", in addition to ensuring that "employees who take on greater levels of responsibility will be compensated appropriately". It hired more than 10,900 workers for the top five markets a year ago.



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