Toys ‘R’ Us Inc, the largest toy store chain in the world has filed for bankruptcy sparking fears for the 64K people they employ worldwide.
The fears came as the company filed for Bankruptcy protection on Monday.
The store is said to be struggling after a massive shift to online shopping and discount chains which Toys R Us cannot keep up with.
Toys ‘R’ Us has received a commitment for $3billion in debtor-in-possession financing from lenders including a JPMorgan-lead bank syndicate.
But the company crippled with debts since 1994 how much time will the investment give the company.
The new financing is now subject to a court approval, The cash injection is expected to immediately improve the financial health of the company and enable the company to continue operations across the world.
The filing cast a shadow over the companies future which has over 1,600 stores across the world employing 65K Staff.