(Reuters) - Bankrupt Toys ‘R’ Us Inc is preparing to sell or close all 885 stores in its U.S. chain, risking up to 33,000 jobs, after failing to reach a deal to restructure billions of dollars in debt, a person familiar with the matter said on Wednesday.
With shoppers flocking to online platforms like Amazon.com Inc (AMZN.O) and children choosing electronic gadgets over toys, Toys ‘R’ Us has struggled to service debt from a $6.6 billion leveraged buyout by private equity firms KKR & Co LP (KKR.N) and Bain Capital and real estate investor Vornado Realty Trust (VNO.N) in 2005.-- More...
