Attorneys in Kutak Rock's Richmond, Virginia office are serving as co-counsel in the largest retail bankruptcy in over a decade - Toys 'R' Us.
Michael Condyles, Peter Barrett and Jeremy Williams, partners, head the firm's involvement in the matter.
On September 19, 2017, New Jersey-based Toys 'R' Us Inc. and around two dozen of its subsidiaries filed for Chapter 11 bankruptcy in Richmond, Virginia. The chain is looking to reorganize in the face of over $5 billion in debt in addition to interest payments coming due. The company took on debt in 2005 when a group of private equity firms bought the chain and took it private in a $6.6 billion deal.
Toys 'R' Us was founded in 1948 and has grown to 1,600 stores.
Kutak Rock’s engagement in Toys ‘R’ Us follows closely on the heels of the confirmation of the reorganization of The Gymboree Corporation, where Kutak Rock also served co-counsel.
For more information, see this article in the Richmond BizSense online magazine. Further coverage can be found at The American Lawyer (registration required).