In December 2015, Toys 'R Us closed its flagship store in Times Square, New York. (RW/MediaPunch/IPX / AP)

Toys 'R Us said it filed for bankruptcy late last night, the latest victim of a debacle suffered by brick-and-mortar retailers in the age of Amazon. The company did not immediately address the fate of its 65,000 employees at its 1,700 stores, but the Wall Street Journal reported that at least some of the outlets would be closed and the format changed in others.

What's next: The company said it will remain open during the Christmas holidays, when it does most of its business, and had received $3 billion in banking support to restructure itself. The company said only its U.S. and Canadian stores will be involved in the bankruptcy, and that the remainder will not be affected.

First it drove others out of business: Over the years, Toys 'R Us became the largest toy store in the United States with low prices that killed stylish independents like FAO Schwartz and Kay Bee Toys, both of which themselves filed for bankruptcy. But online competition from Amazon, in addition to discount pricing at stores like Walmart and Target, undercut the retailer. It also was severely hampered by more than $5 billion in debt on its balance sheet, related to the company's acquisition by private equity firms Bain Capital and KKR in 2005.

Go deeper

Updated 25 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"— COVID-19 looms over White House Halloween celebrations.
  2. Health: 13 states set single-day coronavirus case records last week — Fauci says maybe we should mandate masks if people don't wear them — America was sick well before it ever got COVID-19.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
Updated 31 mins ago - Health

13 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

13 states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project (CTP) and state health departments. Kansas, Montana, North Dakota and Wyoming surpassed records from the previous week.

The big picture: The pandemic is getting worse again across the country, and daily coronavirus cases have risen in the U.S. for six straight weeks, according to a seven-day average tracked by Axios. The U.S. reported over 80,000 new cases on both Friday and Saturday.

Senate advances Amy Coney Barrett nomination, setting up final confirmation vote

Photo: Xinhua/Ting Shen via Getty Images

The Senate voted 51-48 on Sunday to advance the Supreme Court nomination of Judge Amy Coney Barrett, setting up a final confirmation vote for Monday.

Why it matters: It's now virtually inevitable that the Senate will vote to confirm President Trump's third Supreme Court nominee before the election, which is just nine days away.