Here's What's Next for Toys R Us Counsel After Filing Chapter 11
GC Cornell Boggs and his legal department will likely have their work cut out for them.
September 21, 2017 at 07:46 PM
19 minute read
Toys R Us Inc. is the latest in a long line of retailers that have filed for Chapter 11 bankruptcy in recent months, as competition from e-commerce remains fierce and financial pressures rise.
In its filing Monday in federal court in Richmond, Virginia, TRU-SVC Inc., a holding company for Toys R Us, became the third largest retailer in history to file for Chapter 11, according to BankruptcyData.com. The company reported it holds about $6.9 billion in assets.
“Being a retail GC, unless you just landed from the planet Mongo, you've observed scores and scores of retailers going into a proceeding,” said Scott Hazan, partner at Pachulski Stang Ziehl & Jones. “The earlier you deal with the problem, the better off you are. You can't have enough foresight.”
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