American company Toys R Us maybe set to file for bankruptcy as a result of the decline in sales and heightened competition according to a report by the Wall Street Journal.
The report also clained that the pressure from suppliers has intensified for Toys R Us and the company and its restructuring advisers are considering filing for Chapter 11 protection in the U.S. Bankruptcy Court in Richmond, Virginia.
Toys R Us has hired lawyers at Kirkland & Ellis to help restructure $400m debt the company will have to repay in 2018.
Toys R Us has been unable to keep up with the demands of consumers who have turned to platforms like Amazon and Walmart to purchase toys in recent years.
In the 80s, one of the most instantly recognised adverts on UK TV, was released by Toys R Us.