Toys R Us could be headed towards bankruptcy

Toys 'R' Us shutdown looms amid bankruptcy filing

Toys "R" Us is reportedly set to file for bankruptcy just ahead of the busy holiday shopping season.

Hasbro, Mattel and Jakks Pacific each generated almost 10% of their overall sales from Toys "R" Us in their most recent fiscal years. "It probably took us a while".

The sign outside Toys R Us' Times Square temporary holiday shop.

Vendors have pulled back because when companies seek chapter 11 protection, they are often among the lowest priorities for payment.

In the company's first quarter, which ended April 29, the retailer reported a net loss of $164 million and a consolidated net sales decline of $113 million.

Updates as we have them. But that has continued to be a problem.

The company has spent a lot of money on its brick-and-mortar stores.

The chain has two stores in South Dakota (Rapid City, Sioux Falls) and more than 800 locations across the country.

Other big box retailers have closed locations as they've struggled over the last few years, and this could be on the horizon for Toys "R" Us if they do declare bankruptcy.

In addition to shrinking sales and heightened competition, Toys "R" Us has been.

Toys tapped restructuring attorneys from Kirkland & Ellis LLP, CNBC reported this month. The deal saddled the company with debt, limiting its ability to revamp its stores and make online shopping easier.

Doing so would give vendors like Mattel and Hasbro clarity as the holiday season approaches.

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