Toys “R” Us Canada has filed for creditor protection in an Ontario court after closing 53 stores and facing lawsuits from unpaid suppliers and landlords. The retailer, burdened by $120 million in vendor debts and high operational costs, aims to restructure and may further reduce its store footprint or sell the business. Despite efforts to stabilize operations, including layoffs and negotiations, financial challenges persist. Putman Investments, which owns the company, is seeking guidance from Alvarez & Marsal during this process.
