Report: Toys R Us could file for bankruptcy before the holiday season

WSYR-TV - Christmas is more than three months away, but a popular toy retailer could be out of business before the holiday season even begins. 

According to multiple reports, Toys R Us could file for bankruptcy as soon as this week. 

CNNMoney says the bankruptcy plans are not definite as the plans to file and the timing of the possible filing could change. 

Toys R Us has hired Kirkland & Ellis law firm to consider reconstructing options, CNBC reports. 
Like clothing retailers, sales are suffering at places like Toys R Us as more and more parents are buying toys online. 

Shares of Hasbro (HAS) dipped more than 1%. Mattel and Jakks Pacific tumbled 6%. Mattel (MAT) is now trading at its lowest level since the spring of 2009, while Jakks Pacific (JAKK) is at an all-time low, CNNMoney reports. 

Hasbro, Mattel and Jakks Pacific each generated nearly 10% of their overall sales from Toys 'R' Us in their most recent fiscal years.

There is a Toys R Us location in Clay, at the Great Northern Mall, and a Babies R Us location in Syracuse on Park Street. 

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