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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's back-to-school math problem

Illustration: Sarah Grillo/Axios

House Speaker Nancy Pelosi (D-Calif.) may need votes from an unlikely source — the Republican Party — if she hopes to pass the bipartisan infrastructure bill by next Monday, as she's promised Democratic centrists.

Why it matters: With at least 20 progressives threatening to vote against the $1.2 trillion bipartisan bill, centrist members are banking on more than 10 Republicans to approve the bill.

By the numbers: Haitian emigration

Expand chart
Data: CBP; Chart: Sara Wise/Axios

The number of Haitians crossing the U.S.-Mexico border had been rising even before their country's president was assassinated in July and the island was struck by an earthquake a month later.

Why it matters: A spike during the past few weeks — leaving thousands waiting in a makeshift camp under a bridge in Del Rio, Texas — has prompted a crackdown and deportations by the Biden administration.

Biden's communication headaches

President Biden stands with British Prime Minister Boris Johnson and French President Emmanuel Macron at the G7 summit in June. Photo: Patrick Semansky/Pool/AFP via Getty Images

Boris Johnson told reporters on his way to the U.N. General Assembly on Sunday night he didn't believe it was likely that the U.S. would agree to lift its ban on vaccinated foreign travelers this week. Hours later, the White House did exactly that.

Why it matters: For the second time in less than a week, a major U.S. foreign policy decision by the Biden administration appears to have caught one of its closest allies by surprise. And neither was the first time, either.