18 Sep Toy stocks are falling on news that Toys “R” Us will file for bankruptcy
Not that there’s ever a good time to file for bankruptcy, but the beloved toy retailer Toys “R” Us is reportedly getting ready to submit a Chapter 11 filing at the worst possible time–just weeks before the start of the holiday shopping season. Shares of major toymakers Hasbro and Mattel were down today, as Bloomberg reported, 1.7% and 6.2% respectively. Toys “R” Us, which has been plagued by mounting debt, has reportedly hired a claims agent, presumably to help with the filing. Like many brick-and-mortar retailers, the decades-old company has struggled in the age of Amazon and the decline of shopping malls–a phenomenon now alarmingly referred to as the Retail Apocalypse. Check out more from Bloomberg here.
Source: Fast Company
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