Toys 'R Us files for bankruptcy
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.