By Karen Welch — Senior Content Producer
Toys R Us has joined a growing list of national retailers filing for bankruptcy protection from creditors.
The retailer faces $5 billion dollars in debt and growing competition.
For now, the company is saying it will keep its 1,600 Toys R Us and Babies R Us locations open while it reorganizes.
Toys R Us operates at Soncy Road and West Interstate 40 in Amarillo.
On Monday, the company announced it had secured $3.1 billion in financing to support its operations during the reorganization.
The funds also will be used to renovate and modernize stores and to improve e-commerce sites and infrstructure so it "can effectively compete in the online shopping space," the release said.
Karen Welch is a senior content producer for Panhandle PBS. She can be contacted at Karen.Welch@actx.edu, at @KWelch806 on Twitter and at www.facebook.com/karensmithwelch on Facebook. Subscribe to the Panhandle PBS BizHere podcast on iTunes and SoundCloud to hear more business news and interviews.
