UK magazine Toyworld Mag is reporting that Toys ‘R’ Us in the USA has filed a motion with the Bankruptcy Court there to extend the 16th April deadline for reviewing its non-residential property leases.
In return for extra time when deciding whether or accept or reject leases, the company has “negotiated a package of consideration with the Creditors’ Committee that the Debtors and the Creditors’ Committee believe fairly compensates landlords for the extension.”
The news comes as it was revealed that the retailer has also hired a firm that specialises in evaluating stores for liquidation, although it unclear how many or what store will close.
We expect more on this over the coming weeks.
