"I don't wanna grow up, I'm a Toys-R-Us kid!"
Who remembers that song?
Today the toy store giant announced they have filed for Chapter 11 bankruptcy. The store is struggling with $5 billion in long-term debt.
"The company's approximately 1,600 Toys R Us and Babies R Us stores around the world - the vast majority of which are profitable - are continuing to operate as usual. Customers can also continue to shop for the toy and baby products they are looking for online," the company's statement said.