Toys ‘R’ Us mulls bankruptcy filing: Wall Street Journal

Toys ‘R’ Us had previously said it was working with investment bank Lazard to help address its approximately $5 billion in debt. (Reuters)
Updated 16 September 2017
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Toys ‘R’ Us mulls bankruptcy filing: Wall Street Journal

BENGALURU: Toys ‘R’ Us Inc. could file for bankruptcy in the coming weeks as pressure from skittish suppliers intensifies, the Wall Street Journal reported on Friday, citing people familiar with the matter.
The company and its restructuring advisers are considering filing for Chapter 11 protection in the US Bankruptcy Court in Richmond, Virginia, according to the WSJ report.
The privately-held toy retailer had previously said it was working with investment bank Lazard to help address its approximately $5 billion in debt, of which roughly $400 million comes due next year.
The potential Chapter 11 filing could be a result of the company’s suppliers tightening trade terms, including holding back on shipments unless the toy retailer is able to make cash payments on delivery, the newspaper reported.
Toys ‘R’ Us declined to comment on the report.
The move by Toys ‘R’ Us to potentially file for bankruptcy comes at a time when more and more consumers increasingly make purchases from online retailers like Amazon and avoid visiting brick-and-mortar shops.
There have been more than a dozen significant retail bankruptcies this year, but none for retailers as big as Toys ‘R’ Us, which has more than 1,600 stores worldwide.
Toys ‘R’ Us tapped restructuring attorneys from Kirkland & Ellis, CNBC reported this month.
The company has been saddled with debt since buyout firms KKR & Co. and Bain Capital, together with real estate investment trust Vornado Realty Trust, took Toys ‘R’ Us private for $6.6 billion in 2005.


Workers to strike at three Total North Sea oil and gas platforms

Updated 16 August 2018
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Workers to strike at three Total North Sea oil and gas platforms

LONDON: Workers at three of French oil company Total’s North Sea oil and gas platforms will go ahead with a 24-hour strike on Monday despite holding talks with the company on Thursday in a dispute over pay and conditions, the Unite union said.
The three platforms are Alwyn, Elgin and Dunbar.
“The scheduled 24-hour stoppage on Monday (20 August) will still go ahead as planned,” Unite said in an emailed statement.
The workers are striking over proposed changes to their working rotas and pay.
The union said its officials had met representatives from Total on Thursday where the union made a series of counter-proposals, to be discussed at talks scheduled for Aug. 23.
Unite said further strikes are planned for Sept. 3, Sept. 17, Oct. 1, Oct. 15 and Oct. 29.
The fields account for about 10 percent of Britain’s gas output, while their oil production contributes about 45,000 to 50,000 barrels per day (bpd) to the Forties and Brent Blend crude streams.
Workers have already held four strikes at the sites as part of the dispute.
The latest, a 12-hour strike on Aug. 13, contributed to a near 4 percent rise in prompt British wholesale gas prices.