Toys “R” Us (Canada) announced that it is unaffected by the recent Toys “R” Us motion seeking U.S. Bankruptcy Court approval to begin the process of conducting an orderly wind-down of its U.S. business.
The release notes that Toys “R” Us Canada “remains committed to serving its customers in all of its 82 stores across Canada.” Toys “R” Us Canada’s business is managed in Canada, operates autonomously from U.S. operations and continues to be a stable and profitable market leader in Canada. The Company notes that Toys “R” Us Canada has “strong cash and liquidity position and is able to continue business operations without disruption.”
Toys “R” Us and its advisors are currently pursuing a going concern sale of Toys “R” Us Canada and are in active discussions regarding a transaction that would result in an acquisition of the entire Canadian business. To that end, Toys “R” Us is seeking Court approval of a process for the sale of its equity interest in Toys “R” Us Canada.
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