Image: Festival Walk
America’s largest toy store chain has filed for bankruptcy protection, but its operations in Hong Kong are unaffected by the proceedings.
Toys ‘R’ Us filed for relief under Chapter 11 of the US Bankruptcy Code on Monday and intended to seek protection in Canada under the Companies’ Creditors Arrangement Act.
The new financial arrangement will not affect the retail giant’s operations outside the US and Canada, including its units in Europe and Australia and about 255 licensed stores and joint venture partnerships in Asia.
Toys ‘R’ Us has 13 stores in Hong Kong, according to its official website. Its business in the city is carried out as a joint venture with Fung Retailing, a privately held entity and member of the Fung Group.
Read more at SCMP