Toys “R” Us Has 1st Day in Bankruptcy Court

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 Toys R Us covered many issues, detailed below, but they did not address which of the Toys 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 Toys 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
 
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.
 

Contact Information
Ronald Page, PLC
Ronald A. Page, Jr.
http://rpagelaw.com
PO Box 73524
Richmond, VA 23235
Ph: (804) 562-8704
E-Mail: rpage@rpagelaw.com