Richmond, VA -- (ReleaseWire) -- 09/20/2017 -- Toys "R" Us, Inc. ("Toys R Us") filed for protection under chapter 11 of the Bankruptcy Code in Richmond, Virginia on September 18, 2017 as the toy retailer struggled to reorganize its debt in the face of mounting pressure from online retailers. Hearings on the Toys R Us first day motions were held on September 19, 2017 at 11:00 a.m. in the courtroom of Judge Keith Phillips located in the U.S. Bankruptcy Court, 701 E. Broad St., Room 5100, Richmond, VA 23219.
Ronald Page (http://rpagelaw.com) is a corporate bankruptcy attorney based in Richmond, Virginia available to represent creditors of the Toys R Us bankruptcy.
The first day motions of Toy R Us covered many issues, detailed below, but they did not address which of the Toy R Us locations would remain open. An integral part of any retail bankruptcy is the rejection of the leases of underperforming locations. At this point, it is unknown which locations will remain open and which will close.
Following the first day hearings, the Bankruptcy Court entered Orders to give Toy R Us the follow interim authorization:
To continue to operate their cash management system;
To pay prepetition wages, salaries, other compensation, and expenses to employees;
To pay prepetition claims of lien claimants, import claimants, and 503(b)(9) claimants;
To pay prepetition claims of foreign vendors; and
To pay certain prepetition claims of critical vendors.
Additionally, the Bankruptcy Court ordered that the following related bankruptcy cases would be jointly administered under case numbered 17-34665-KLP:
17-34665 Toys "R" Us, Inc.
17-34660 Geoffrey Holdings, LLC
17-34666 Geoffrey International, LLC
17-34667 Geoffrey, LLC
17-34661 Giraffe Holdings, LLC
17-34662 Giraffe Junior Holdings, LLC
17-34663 MAP 2005 Real Estate, LLC
17-34664 Toys "R" Us - Value, Inc.
17-34668 Toys R Us (Canada) Ltd./Toys R Us (Canada) Ltee
17-34669 Toys "R" Us - Delaware Inc.
17-34672 Toys Acquisition, LLC
17-34671 Toys "R" Us Property Company II, LLC
17-34674 TRU Guam, LLC
17-34676 TRU of Puerto Rico, Inc.
17-34677 TRU Taj (Europe) Holdings, LLC
17-34678 TRU Taj Finance, Inc.
17-34679 TRU Taj Holdings 1, LLC
17-34680 TRU Taj Holdings 2 Limited
17-34681 TRU Taj Holdings 3, LLC
17-34682 TRU Taj LLC
17-34659 TRU-SVC, Inc.
17-34683 Wayne Real Estate Parent Company, LLC
17-34673 TRU Asia, LLC
17-34675 TRU Mobility, LLC
17-34670 Toys "R" Us Europe, LLC
About Ronald Page, PLC
With offices in Richmond, Virginia, Ronald Page, PLC has extensive experience representing secured and unsecured creditors in bankruptcy proceedings.
Please contact Ronald Page, a Richmond Virginia Bankruptcy Attorney (http://rpagelaw.com), if you need assistance protecting your interests in the Toys R Us bankruptcy.
Ronald Page, PLC
Ronald A. Page, Jr.
PO Box 73524 Richmond, VA 23235
For more information on this press release visit:
Media Relations Contact
Email: Click to Email Ronald Page