Toys “R” Us Canada set to get extended creditor reprieve as it eyes further closures
Global News
While Toys "R" Us Canada eyes more store closures, it will be able to keep at bay the hundreds of companies it owes money to for a little longer.
While Toys “R” Us Canada eyes more store closures, it will be able to keep at bay the hundreds of companies it owes money to for a little longer.
Ontario Superior Court Judge Jane Dietrich said in a virtual court hearing Friday that she will soon approve an order extending the beleaguered company’s creditor protection until May.
Creditor protection temporarily shields an insolvent company from having to pay those it owes money to while it figures out its next steps.
When the company filed for 10 days of creditor protection at the start of the month, it said it owes at least $120 million to its vendors and “substantial” amounts to landlords.
Court documents show creditors include toy industry royalty like Lego, Hasbro, Mattel, Spin Master Corp. and Squishmallows-maker Jazwares, as well as prominent landlords Cadillac Fairview, Oxford Properties, Ivanhoé Cambridge and RioCan Holdings.
The Canadian Press previously reported many of Toys “R” Us Canada’s creditors sued the company over unpaid bills in the lead up to the retailer requesting creditor protection at the start of the month. Those claims have not been tested in court but Toys “R” Us Canada has said in filings that it is subject to litigation for breach of contract or breach of lease linked to stores it closed due to “operating challenges.”
The retailer has said inflation, rising labour costs, supply chain disruptions and a shift toward e-commerce were part of the reason it closed 53 stores in the past two years.
Twenty-two stores remain, but Toys “R” Us Canada has warned it may shrink its footprint even further as prepares to eventually seek a buyer for the business.
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