WAYNE, NJ – Less than a week after filing bankruptcy in the U.S. and Canada, Toys”R”Us, Inc. said it has closed on $3.1 billion of financing that will support the Company’s operations during its financial restructuring process.
The money will be used to keep the company liquid and invest in improvements at its chain of stores.
Toys and baby merchandise are sold in 885 Toys“R”Us and Babies“R”Us stores in the United States, Puerto Rico and Guam. The company plans to modernize and renovate Toys“R”Us stores through improved layouts, updated lighting patterns and other areas to bring them into the next era of retail shopping.
The company also plans to update its website and e-commerce infrastructure to promote the hottest toys and provide improved delivery capabilities so Toys”R”Us can better compete online.
Various lenders contributed to the debtor-in-possession (“DIP”) financing, including a JPMorgan-led bank syndicate and certain of the Company’s existing lenders. On September 20, 2017, the Company received interim approval by the U.S. Bankruptcy Court to access up to $2.2 billion of the DIP financing. The Company intends to seek final Court approval to access the full amount of the DIP financing at a hearing that is scheduled for October 10, 2017.
The company also says it is hiring thousands of part-time workers for the holiday season.
Markets with the largest seasonal hiring needs include:
• New York, NY – more than 3,800
• Los Angeles, CA – more than 2,400
• Groveport, OH – more than 2,400 (DHL Supply Chain Fulfillment Center)
• Philadelphia, PA – more than 1,400
• Chicago, IL – more than 1,100
• Boston, MA – more than 950
In addition to its stores and distribution centers, Toys“R”Us customer service partner Acticall Sitel Group is hiring over 900 dedicated seasonal Work@Home agents at its Virtual Call Centers in 25 states across the country. Not only does Work@Home eliminate a commute and provide convenience and flexibility with schedules, it also allows parents and caregivers more time with family, especially during the holiday season. To apply for positions in Acticall Sitel Group call centers, interested candidates can visit Sitel.com/careers/work-home.
The company also works with DHL Supply Chain in Groveport, OH for online fulfilment throughout the holiday season. DHL Supply Chain is hiring over 2,400 seasonal employees to help service online orders for Toysrus.com and Babiesrus.com. Available positions throughout the season include General Labor, Clerical and Forklift Operators.