Published: Thu, September 21, 2017
Markets | By Terence Owen

Mastermind Toys to open Sudbury store next month

Mastermind Toys to open Sudbury store next month

No comment has been given when Toys "R" Us was asked about how the bankruptcy will impact stores and customers in the United Kingdom.

Competing against its biggest rival Amazon, this bankruptcy filing has dampened the future of the Toys "R" Us's 1,600 stores and 64,000 employees all over the world.

Toys "R" Us didn't announce plans to close stores, and said its locations across the globe would continue normal operations.

The Chapter 11 filing by the biggest USA toy store chain, to restructure $5 billion of long-term debt, is among the largest ever by a specialty retailer and casts doubt over the future of the company's 64,000 employees and almost 1,600 stores, which remain open.

The filing comes just as the retailer is gearing up for the holiday shopping season, which accounts for the bulk of its sales.

Hang in there, Toys R Us!

A Chapter 11 bankruptcy, many analysts agree, is a sensible way to deal with the chain's $5bn of long-term debt.

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"Mastermind continues to meet the increasing demand for high-quality specialty toys and children's books in underserved markets, and we look forward to introducing our brand to more and more Canadian families as the company continues to grow".

JPMorgan, meanwhile, had sold a form of insurance on Toys "R" Us inventory receivables to vendors looking to hedge for a bankruptcy, two people said.

Customers can continue to count on outstanding service whenever, wherever and however they want to shop.

The retailer has filed for the bankruptcy despite leading up to the Christmas period where it records the most sales annually due to its significant debt problems.

Yet, the company, which operates about 1,600 stores globally, will likely survive because manufacturers such as Mattel Inc., Hasbro Inc., and closely held MGA Entertainment Inc. need the last remaining toy chain. If you buy gift cards, there is the risk that they may not be honored if the company fails to get a restructuring done. Big retail companies, which have taken on massive debt-primarily to lease large store spaces in order to expand their footprints-are no longer finding it viable to keep operating these underperforming stores.

Toys "R" Us may be filing for bankruptcy ahead of the holiday season, and it's causing shares for two major USA toy companies to drop - Hasbro Inc. and Mattel Inc. The toy retailer represents about 10 to 20 percent of the Chinese supplier's sales. Toys R Us is also where I played Resident Evil on the PlayStation for the first time too.

That insurance, in the form of put options, usually lasts about 18 months and recently carried a fee of 3 percent a month - a stiff premium that reflected how risky Toys "R" Us had become, those sources said. Back then, KKR, Bain Capital, and Vornado Realty Trust acquired the toy retailer in a $7.5 billion leveraged buyout, and now find their investment wiped out.

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