Toys ‘R’ Us Canada set to get reprieve from creditors extended
BNN Bloomberg
Toys “R” Us Canada will keep the hundreds of companies it owes money to at bay for a little longer.
Ontario Superior Court Judge Jane Dietrich says 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 owed money include toy industry royalty like Lego, Hasbro, Mattel, Spin Master Corp. and Squishmallow-maker Jazwares, as well as prominent landlords Cadillac Fairview, Oxford Properties, Ivanhoé Cambridge and RioCan Holdings.
When the company filed for creditor protection and began restructuring earlier this month, it was facing several lawsuits from vendors and landlords and warned its 22-store footprint could shrink even further.
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