Four Big Law Firms Grab Roles on Toys 'R' Us Bankruptcy
From bikes to trains to video games, a quartet of large law firms led by Kirkland & Ellis is advising on the Chapter 11 case of toy retail giant Toys “R” Us Inc., which became the latest in a string of struggling brick-and-mortar retailers to file for bankruptcy this year.
September 19, 2017 at 02:49 PM
5 minute read
After much speculation and to the disbelief of Toys “R” Us kids everywhere, the largest toy store chain in the U.S. and home of Geoffrey the Giraffe officially filed for bankruptcy late Monday in Richmond, Virginia.
The Chapter 11 case for TRU-SVC Inc., a holding company for Toys “R” Us Inc., marks the latest casualty in a string of struggling brick-and-mortar retailers. The filing by Toys “R” Us comes nearly three months after the Wayne, New Jersey-based company retained Kirkland & Ellis to help it restructure nearly $5 billion in debt.
Kirkland restructuring partners Joshua Sussberg and Edward Sassower in New York are working alongside Chicago-based partners James Sprayregen, Anup Sathy and Chad Husnick are all serving as lead debtors' counsel to Toy “R” Us. Sussberg, a cancer survivor, has already picked up bankruptcy roles this year for children's clothing retailer The Gymboree Corp. and women's fashion house BCBG Max Azria Group LLC.
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