After recently announcing it was struggling, the toy retailer giant Toys R Us has filed for bankruptcy in the US.
The store has struggled to maintain profits in competing with online retailers such as Amazon. The future of the company is uncertain, with the jobs of over 64,000 employees across the USA and Canada now at risk.
The majority of stores are expected to continue trading as normal over the Christmas period, and the company hopes to be able to source new financing and restructure its business practices in order to turn its fortune around.
Thankfully for us, the bankruptcy filing only concerned the North American arm of Toys R Us. The store's European, Australian and Asian operations remain unaffected, at least in the meantime. While Toys R Us say it doesn't expect any "immediate impact" on UK (and other international) stores, it's unclear whether the bankruptcy could prove to have an effect later down the line.
We've reached out to Toys R Us UK for comment, and will update if we hear back. [BBC]