SINGAPORE: Toys "R" Us (Asia) said in a statement on Tuesday (Sep 19) that it is not part of Toy "R" Us Inc's "financial restructuring" and its stores will stay open for business.
The statement was released following news that Toys "R" Us Inc, the largest US toy store chain, has filed for bankruptcy protection.
However, Toys "R" Us (Asia) stressed that it is a separate legal entity and is financially independent from all other Toys "R" Us operating companies around the world.
President for Toys "R" Us (Asia) Andre Javes said: "Toys "R" Us (Asia) is open for business and continuing to serve our customers as we always do. We are a financially robust and self-funding retail operation, which continues to significantly grow and invest in this region."
Toys "R" Us (Asia) is a joint venture with Fung Retailing, part of Hong Kong's privately-held Fung Group. It operates a total of 226 stores in Greater China and Southeast Asia - including Brunei, China, Hong Kong, Malaysia, Taiwan and Thailand. There are 11 stores in Singapore.
Toys "R" Us (Asia) also licenses an additional 35 stores in the Philippines and Macau.