Things aren’t looking too good for Toys ‘R’ Us as multiple reports say it has filed for bankruptcy protection in both the US and Canada. The once dominant toy company has nearly 1,600 stores and 64,000 employees at stake — but we hear the debt restructure is necessary.

“The past decade has seen a dramatic change in the domestic toy market with new channels, increased competition, and new technology all having a deleterious impact on the sector and traditional toy stores. Unfortunately, Toys ‘R’ Us has not responded effectively to these challenges.”

Source: BBC,http://www.bbc.com/news/business-41316205