Toys "R" Us Continues Normal Business Operations Across Canada
15 Mar, 2018, 10:01 ET
CONCORD, ON, March 15, 2018 /CNW/ - Toys "R" Us (Canada) Ltd. ("Toys "R" Us Canada" or the "Company"), Canada's largest dedicated toy and baby products retailer, announced today that it is unaffected by the recent announcement by Toys "R" Us, Inc. of the filing of a motion seeking Bankruptcy Court approval in its Chapter 11 proceedings to begin the process of conducting an orderly wind-down of its U.S. business. Toys "R" Us Canada remains committed to serving its customers in all of its 82 stores across Canada, which remain open for business in the normal course.
Toys "R" Us Canada's business is managed in Canada, operates autonomously from U.S. operations, and continues to be a stable and profitable market leader in Canada. Toys "R" Us Canada has a strong cash and liquidity position and is able to continue business operations without disruption. Toys "R" Us Canada will continue to satisfy its obligations to vendors and customers and stock a broad selection of the most exciting, must-have toy and baby products. The Company continues to honour all customers programs, including gift cards and warranty, return and exchange policies.
Toys "R" Us and its advisors are pursuing a going concern sale of Toys "R" Us Canada and are in active discussions regarding a transaction that would result in an acquisition of the entire Canadian business. To that end, Toys "R" Us is seeking approval in its Chapter 11 proceedings of a process for the sale of its equity interest in Toys "R" Us Canada. While these efforts unfold, Toys "R" Us Canada remains focused on business operations and serving its customers as the leading dedicated retailer of toy and baby products in Canada.
Lazard and Alvarez & Marsal are advising the Company, and Goodmans LLP and Kirkland & Ellis LLP are acting as legal counsel to Toys "R" Us Canada.
About Toys "R" Us (Canada) Ltd.
Since 1983, Toys "R" Us Canada has been Canada's leading dedicated specialty retailer of toys and baby products. Recognized as Canada's trend authority in toys and baby products, the company brings national brands, exclusive products, innovative loyalty programs and unique partnerships to Canadians at its 82 stores across Canada and through its strong e-commerce sites Toysrus.ca and Babiesrus.ca. Committed to helping children and families when they need it most, the company raises $2.5 million each year to support children with special needs, keeping kids safe and offering support to seriously ill or differently-abled children. For store locations and convenient online shopping, visit www.toysrus.ca and www.babiesrus.ca.
SOURCE Toys "R" Us (Canada) Ltd.
For further information: Carolyn Abbass, Paradigm, 416-413-5190, [email protected]
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