* Bengaluru doctor with no travel history infected with Omicron, his 5 contacts test Covid-19 positive     * Tennis Body Quits Over Star's Treatment; Don't Politicise, Says China    * China reports 80 local symptomatic Covid-19 cases    * Confusion abounds as Ottawa introduces new pandemic travel measures with few details    * COVID-19 boosters to open to Ontarians 50+ as of Dec. 13, province reports 959 new cases

Toys “R” Us bankruptcy protection is not about “store closures or staff reductions,” but rather a “proactive step”

Posted in Business, Featured

Published on September 22, 2017 with No Comments

Toys “R” Us Canada sought creditor protection largely due to the financial woes of its U.S. parent company, which filed for bankruptcy.

Toys “R” Us Inc will shrink its stores and revamp its bigger outlets through its bankruptcy process, which may end with the company’s return to the public markets, Chief Executive David Brandon has said.

Toys “R” Us, the largest specialty US toy seller, filed for bankruptcy  after some of its vendors stopped shipping to them. They were concerned the company would not pay them because of its financial distress, but those worries were put to rest once Toys “R” Us secured bankruptcy financing.

Brandon, in detailing Toys “R” Us’ turnaround, dubbed “Project Sunrise” by the company, said the chain will integrate its online and in-store shopping experiences, adding faster shipping and better technology and customer service. He said the chain’s 64,000 workers would see wage increases too.

When asked about possible layoffs, Toys “R” Us clarified that the bankruptcy protection isn’t about “store closures or staff reductions,” but rather a “proactive step” to improve the business.

 

No Comments

Comments for Toys “R” Us bankruptcy protection is not about “store closures or staff reductions,” but rather a “proactive step” are now closed.