It’s “business as usual” for Toys “R” Us in the Philippines despite the retailer’s filing for bankruptcy in the United States, the local franchise holder said.
“All stores are open for business and continue to offer a wide assortment of toys and merchandise for kids,” Robinsons Retail Holdings. Inc. (RRHI) said in a disclosure to the stock exchange.
US-based Toys “R” Us filed for Chapter 11 bankruptcy protection last September 18, citing long-term debts totalling $5 billion and amid competition from online retailers such as Amazon.
It said that operations outside the US and Canada were not part of bankruptcy proceedings.
“Toys ‘R’ Us Philippines is managed and operated by Robinsons Toys, Inc, a wholly-owned subsidiary of RRHI. It is a sub-licensee of Toys ‘R’ [Us] Asia which is not part of the court-supervised financial restructuring,” Robinsons Retail said.
The local franchisee currently operates 34 stand-alone stores and 44 Toybox outlets inside Robinsons Department Store branches.
“At Toys “R” Us Philippines, business will operate as usual and we will continue to provide great service and a wide assortment of toys especially for this holiday season,” said Celina Chua, general Manager of Toys “R” Us Philippines.
Toys “R” Us (Asia) President Andre Javes, meanwhile, said: “Toys ‘R’ Us (Asia) is open for business and continuing to serve our customers as we always do. We are a financially robust and self-funding retail operation, which continues to significantly grow and invest in this region.”
Toys “R” Us (Asia) is a joint venture between Toys R Us, Inc. (US) and Hong Kong-based Fung Retailing Ltd. It operates as a separate legal entity from all Toys R Us-operating companies around the world.