‘The court's approvals of the 'first day' motions are a positive and important first step in the financial restructuring process that will allow Toy R Us to continue to operate as usual,’ says Toys R Us’ Dave Brandon.
Global retailer, Toys R Us has received court approval for its ‘first day’ motions to help support its business operations following its bankruptcy filing.
The orders granted by the court will help to ensure that the firm continues normal business operations throughout the retailer’s restructuring process.
"The court's approvals of the 'first day' motions are a positive and important first step in the financial restructuring process that will allow Toy R Us to continue to operate as usual, and provide customers an outstanding experience in our physical and web stores around the world,” said Dave Brandon, chairman and CEO of Toys R Us.
“We are using this financial restructuring process to achieve greater financial flexibility to invest in our business, and allow us to be a strong champion of play for all kids and a trusted friend to parents everywhere."
The court entered an order granting the company interim authorisation to access up to $2.2 billion in debtor-in-possession (DIP) financing, which will be available to US, Canadian and international entities.
Brandon added: "Our shelves are well-stocked with the hottest toys as we prepare for the holiday season, and we are excited about the many events, new technology and features we'll have in our stores and online.
“I want to thank our team members for their continued focus and commitment to serving the millions of customers who choose to shop with us for their toy and baby product needs."