Gaming legend Toys 'R' Us files for bankruptcy
It's a sad day for '90s and 2000s kids across the United States. Toys 'R' Us has officially filed for Chapter 11.
Toys 'R' Us has been in debt since 2005, in part because the store's operating revenue just hasn't been that great after the company underwent a leveraged buyout. With $400 million in debt owed by the company, Toys 'R' Us has since brought on advisers to help plan for long-term growth. In the meantime, Toys 'R' Us isn't planning to close any stores, but rather, the company is hoping to reform itself to move forward and become more viable on the market.
The bankruptcy news comes less than a month after the company decided not to take pre-orders on the SNES Mini, which previously sold out within minutes across retailers from Amazon to Target. The company isn't hosting a midnight launch for the SNES Mini, either. It remains unclear if Toys 'R' Us will offer the console online or in physical stores only, although the console has a listing online.
"The SNES Mini will be available in our stores on 9/29," the company announced on Twitter. "There will be no pre-orders for this item."
For now, stores aren't closing, although it remains unclear where the future lies for Toys 'R' Us and gaming. The retailer may be purposefully encouraging customers to come into stores to drive up sales. Or Toys 'R' Us may soon refocus to stay on top of the latest gaming releases. Either way, for '90s gamers, the company's Chapter 11 announcement is concerning news.