Toys ‘R’ Us gets financing to support stores in Asia and Europe
Toys “R” Us is not disappearing from the retail landscape in the immediate future — at least not outside of the U.S.
The bankrupt retailer, which is in the process of liquidating its U.S. operations, has received a commitment from its Taj noteholder group for $80 million in incremental debtor-in-possession financing. The funds will strengthen the retailer’s liquidity and support the working capital needs of its operations in Asia and Central Europe.
Toys “R” Us noted that its Asian and Central European operations already have sufficient liquidity to fund their current operations. The new funding gives the operations greater flexibility to grow their footprint and build inventory for the 2018 holiday season.
“This additional financing further positions our Asian and Central European operations for continued success,” said Dave Brandon, CEO, Toys “R” Us. “We appreciate the ongoing financial support and look forward to continued positive relationships with our vendors.”
The company said it has received interim approval of the incremental DIP financing from bankruptcy court.
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