Toys ‘R’ Us raises its game locally as US operation files for bankruptcy protection
Far from going bankrupt, the Southern African division plans to open seven new stores in the next three months
Amic Trading, the licence holder for Toys ‘R’ Us Southern Africa, says it will be unaffected by the bankruptcy declaration by Toys ‘R’ Us in the US and Canada and expects to open seven stores in the next three months. Toys ‘R’ Us Southern Africa was a privately owned independent company operating under a licence agreement and functioned independently from Toys ‘R’ Us global affiliates, Amic Trading said on Tuesday. The opening of new stores highlighted the growth and stability of the company locally, the company said in a statement. Toys ‘R’ Us Southern Africa has 53 locations. Toys ‘R’ Us, the largest US toy store chain, filed for bankruptcy protection on Monday, with CEO Dave Brandon saying this would allow it to restructure $5bn of long-term debt on the company’s balance sheet. The US company had received a commitment for over $3bn in debtor-in-possession financing from various lenders including a JPMorgan-led bank syndicate and certain of the company’s existing lenders. Should t...
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