Toys R Us declares bankruptcy

Toys R Us announced late Monday it had filed for Chapter 11 bankruptcy protection to ward off creditors owed $5 billion. The company said its stores would remain open for business as usual through the holiday shopping season. The retailer has struggled since its heyday in the 1980s and ’90s as toy sales have migrated online and to discount retailers such as Walmart. More recently, children have turned away from traditional toys and toward mobile devices for entertainment. Now, many shoppers at Toys R Us bring their kids to check out toys in-person and then go home and order them online at lower prices. Toy sales in the United States remain strong overall, but brick-and-mortar retail stores are all struggling. At least 18 other major retailers have filed for bankruptcy this year, including Gymboree and Payless Shoe Source.