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Toys R Us entered chapter 11 in the Eastern District of Virginia with a heavily leveraged global retail platform: the petition listed more than 100,000 creditors and $1 billion to $10 billion each of estimated assets and liabilities, while CEO David Brandon described roughly 1,697 stores, 257 licensed stores, operations in 38 countries, about 60,000 employees and more than $5.0 billion of funded debt requiring about $400 million of annual debt service source filing source filing. The filing was driven by a pre-holiday liquidity squeeze after vendor terms tightened, including widespread cash-on-delivery or cash-in-advance demands that created an over $1.0 billion liquidity need; the debtors proposed $3.1 billion of DIP financing and used Kirkland & Ellis, Kutak Rock, Lazard and Alvarez & Marsal as core professionals, with an unsecured creditors’ committee appointed one week later source filing source filing.
The January 29 order confirmed the Second Amended Chapter 11 Plan of Wayne Real Estate Parent, LLC, one of the debtor-specific plans in the broader Toys R Us wind-down. The court confirmed the plan filed January 23 after a January 24 hearing, overruled unresolved objections except as otherwise stated or consensually resolved, and found Class 3 had voted to accept while Class 5 was impaired and received no recovery source filing. The plan mechanics matter because this order moved another estate-level silo from contested restructuring into implementation: distributions were funded by cash on hand and other debtor-generated cash, certain recoveries flowed through the TRU Kids Parent successor structure, existing instruments were canceled, and remaining executory contracts and leases were generally rejected unless carved out source filing.
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