Toys `R` Us files for bankruptcy but keeps stores open
(World News USA)

NEW YORK (AP) -- Toys `R` Us, the big box toy retailer struggling with $5 billion in debt and intense online competition, has filed for bankruptcy protection ahead of the key holiday shopping season -- and says its stores will remain open for business as usual. The company based in Wayne, New Jersey, said late Monday that it was voluntarily seeking relief through the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond -- and that its Canadian subsidiary would be seeking similar protection through a Canadian court in Ontario as it seeks to reorganize. Toys `R` Us said court-supervised proceedings will help restructure its debts and set the stage for long-term growth. Its...