Could New Hartford Lose The Toys R Us Store on Commercial Drive?
The possibility of New Hartford closing its Toys R' Us store has become real. The company has started the process of exploring the option of filing for bankruptcy.
According to CNBC, the threat of the bankruptcy is based on a $400 Million debt that will be due in 2018. The company has hired a law firm to help restructure that debt. With that is the option of filing.
In the CNBC reports it states,
Addressing the retailer's debt load prior to the crucial holiday season could give its major vendors such as Mattel and Hasbro clarity into the company's long-term viability to help ensure the toymakers continue to stock its shelves throughout the holidays.
The news of this need to restructure is coming ahead of the busiest time of the year for the company. Locally, the Toys R Us store plays a vital role in our annual Toy Drive. The local Toys for Tots drive by the Marines here in Utica plays a vital role in the collection and support of the drive.
There is no official confirmation that the store will file for bankruptcy or that the store in New Hartford will be shut down. Consumers can only wait to see what the results of the advising from the Kirkland & Ellis law firm will be.