Toys 'R' Us seeks to halt vendor payments ahead of liquidation
As shoppers flock to Amazon.com Inc and children choose smartphones and screens over toys, Toys ‘R’ Us has struggled to boost sales and service debt following a $6.6-billion leveraged buyout by private equity firms in 2005. At a hearing at U.S. Bankruptcy Court in Richmond, Virginia, Toys ‘R’ Us lawyer Joshua Sussberg said the company was working to avoid any contagion from the U.S. liquidation on the foreign businesses it is trying to sell. Part of that effort means separating the U.S. business from foreign operations to ensure that shipments can reach stores in Canada, Europe and Asia, where the company will be reviewing bid proposals in coming weeks.
Source:: https://finance.yahoo.com/news/toys-r-us-files-liquidate-assets-044506306–sector.html
