An Ontario court approves Toys “R” Us Canada to split up and sell parts of its business to three buyers, according to multiple outlets. The permission allows the retailer to carry out a trio of asset-sale deals designed to generate proceeds to help address its financial situation, including millions of dollars in debt. One of the buyers is the company’s current owner, who seeks to continue operating the chain or potentially rebrand it. The court’s approval follows proceedings connected to the retailer’s restructuring and sale efforts.
City News Toronto reports that the judge overseeing the matter, Jane Dietrich, will sign the paperwork approving the three deals. Other coverage similarly describes the approval as authorizing the retailer to sell distinct parts of its operations to three firms. Overall, the reports present the court ruling as a key step that moves the planned transactions toward closing and provides a route for Toys “R” Us Canada to pursue financial recovery through asset sales rather than continued operation as a single business.
