MIAMI (CBSMiami) — Toys R Us could reportedly file bankruptcy this week, just months ahead of the Christmas shopping season.READ MORE: South Florida Caravan Heads To DC To Ask US Government To End Cuba’s Communist Regime
The toy giant has hired a law firm to address a $400 million debt load coming due next year, according to the Wall Street Journal.READ MORE: Historic Little Havana House Goes Up In Flames
Like other big box retail chains, Toys R Us has struggled to keep up with the steady migration of shoppers to online outlets, which have in turn forced prices downward and cut down on in-store visits, The Journal reported.
Some of the store’s suppliers have reportedly held back on shipments unless the retailer pays for deliveries in cash.MORE NEWS: Miami PD Finds Burnt Body After Responding To Fire On Railroad Tracks
Toys R Us has more than 1,600 stores worldwide.