Toys ‘R’ Us files for bankruptcy: What’s really going on?

Toys “R” Us, Inc. has voluntarily filed for relief under Chapter 11, company officials announced Monday evening.

The company’s Canadian subsidiary also intends to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice.

“Today marks the dawn of a new era at Toys“R”Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way,” said Dave Brandon, chairman and chief executive officer.

Here’s what you need to know about the toy retailer’s financial future: