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Toys ‘R’ Us Canada Closing More Stores, Will Ask Permission to Sell Business: Docs
Toys 'R' Us Canada plans to close more stores while seeking court approval for a sales process amid creditor protection, after closing 53 stores in the past two years.
- Toys 'R' Us Canada announced plans to close stores at the Laurent Centre in Ottawa and Woodgate Plaza in St. John's, Nfld., as it prepares to ask a court next week for permission to launch a sales process.
- These closures are part of a creditor protection process begun earlier this year, as the company struggles with mounting debt and legal challenges from suppliers and landlords.
- The chain is returning properties to landlords after already closing two locations, including stores at the Niagara Pen Centre in Ontario and in Vaudreuil-Dorion, Que.
- An affidavit from Neil Taylor argued that the sales process is "the best available option to maximize" remaining value for stakeholders, and operations will continue normally during the marketing period.
- Owned by Putman Investments since 2021, the retailer previously closed 53 stores across Canada in the two years before its creditor protection application.
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Toys "R" Us Canada closing more stores, will ask permission to sell business: docs
TORONTO — As Toys “R” Us Canada prepares to ask a court for permission to put the business up for sale, it’s closing at least two more stores. The chain has notified the landlords at the St. Laurent Centre in Ottawa and Woodgate Plaza in St. John’s, N.L., that its stores there will soon close, […]
·Toronto, Canada
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Total News Sources24
Leaning Left16Leaning Right0Center5Last UpdatedBias Distribution76% Left
Bias Distribution
- 76% of the sources lean Left
76% Left
L 76%
C 24%
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