"What we are is a supermarket for toys", founder Charles Lazarus told The Post.
Each in their own way, these competitors are upping the ante on value and convenience, and Toys "R" Us has not kept pace. The company said its stores would continue to operate normally as it builds a healthier capital structure.
The company has almost 65,000 employees worldwide. Others, including Macy's, Sears and Bebe have closed hundreds of stores.
President of Toys "R" Us (Asia) Andre Javes said: "We are a financially robust and self-funding retail operation, which continues to significantly grow and invest in this region". Industry experts speculated that the company, which is already in heated competition with Walmart, Target and Amazon for toy sales, is likely to beef up its holiday discounts.
I know, everyone's head is exploding right now: "Toys R Us is just a kids' toy store; why are you defiling my memories with all of this blackity blackness?"
Mitra believes Toys "R" Us needs to better adjust to the changing interests of children in order to remain relevant.
Is it because toys aren't selling anymore?
"If the bankruptcy restructuring can help Toys R Us get a handle on its debt, it's not insane to see a profit in sight", Recode said. The plan had been to take the company public, but that never happened because of its weak financial performance. Unlike Chapter 7, which involves a company liquidating its assets and dissolving, Chapter 11 bankruptcy is a restructuring aimed at giving a company in debt more flexible means with which to address what they owe and resolve its situation. Marc Rosenberg, a toy marketing executive, said it hasn't been aggressive about building its online business, and let those sales migrate to rivals. It also runs seasonal "pop up shops" and express stores during the holiday season.
What shoppers find on the shelves might be a question. The company believes new financing will help it stay afloat during the bankruptcy. That accelerated the bankruptcy filing.
A couple of shoppers noted that in stores, if not online, Toys R Us has a greater selection of toys than general retailers.
Toys "R" Us wants to use the bankruptcy process to restructure and make the company viable over the long term.
The issue isn't that people aren't buying toys. Shares in Hasbro, another toy group fell 1.7%. That was the biggest increase since 1999 and was fueled by several blockbuster movies.
Black parents, aunts, uncles, funcles, stepdads and baby daddies have slowly been moving online for years to find black toys, dolls and books so that children can actually see and play with toys that reflect their experiences. Lego is laying off 1,400 workers after saying profits and sales dropped in the first half. The fourth quarter accounts for about 40% of Toys' revenue.
Wayne, NJ-based Toys "R" Us filed a voluntary petition for Chapter 11 bankruptcy protection in the Eastern District of Virginia (Richmond) on Monday (Case no. 17-34665).
"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".