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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

Pelosi announces bid for re-election ahead of 2022 midterms

House Speaker Nancy Pelosi (D-Calif.) announced her bid for re-election Tuesday, amid a deluge of other safe-seat Democrats announcing their retirements.

Why it matters: Pelosi’s announcement follows months of speculation — despite her denials — that she was preparing to leave Congress.

Scoop: Qatar emir to visit White House on Monday

The emir of Qatar, Tamim bin Hamad Al Thani, leaves the White House after meeting President Trump in 2019. Photo: Nicholas Kamm/AFP via Getty Images

The emir of Qatar will meet with President Biden at the White House on Monday to discuss Afghanistan as well as contingency plans to provide natural gas to Europe in the event of a Russian invasion of Ukraine, Axios has learned.

Why it matters: Europe's reliance on Russia for 40% of its natural gas is undermining Biden's attempts to coordinate "massive" sanctions to be imposed from both sides of the Atlantic if Russia invades. The White House wants Qatar to help ensure European countries can enforce tough sanctions without risking an energy crisis.

Biden: There won't be "American forces moving into Ukraine"

President Joe Biden told reporters Tuesday that he does not foresee U.S. troops moving into Ukraine.

Why it matters: Biden's comments come as tensions between Russia and Ukraine persist, and a Russian invasion of Ukraine appears increasingly likely.