Toys R' Us hiring thousands ahead of Christmas season despite bankruptcy filing
It may have filed for bankruptcy protection this week, but Toys ‘R’ Us is not about to let the upcoming holiday season slip through its grasp as a result.
According to a report by Business Insider, the company went ahead this week with plans to hire thousands of part-time workers for the Christmas rush.
And while an official number of total job openings wasn’t announced, the report noted there are over 12,000 job openings in some of the chain’s biggest US markets.
At the same time, the company has hired restructuring advisors from law firm Kirkland & Ellis to deal with its debt of approximately $400 million.
The debt is due in 2018, which could force the toy store chain to go into bankruptcy if it is unable to increase its sales over the upcoming holiday season.
In Toys ‘R’ Us fiscal update for the first quarter of 2017, it reported a net loss of $164 million.
Founded in 1948, Toys ‘R’ Us has over 1,500 locations worldwide, including over 70 stores in Canada.
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