Joele Frank Wilkinson Brimmer Katcher handles today's Chapter 11 filing of Toys "R" Us, which seeks a court-supervised reorganization due in part from debt pressures related to the 2005 $6.6B buyout by Vornado Realty Trust and Bain Capital and KKR & Co.
Wal-Mart, Target and Amazon.com also put competitive heat on the once-dominant toy retailer, operator of 1,600 stores worldwide,
CEO Dave Brandon offered a positive spin on Chapter 11, saying it "marks the dawn of a new era at Toys“R”Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way."
He assured customers that it would be business-as-usual during the financial restructuring
"As the holiday season ramps up, our physical and web stores are open for business, and our team members around the world look forward to continuing to put huge smiles on children’s faces," said Brandon.
JFWBK's Michael Freitag and Meaghan Repko represent Wayne, NJ-based Toys, which employs 65K people.
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