Toys 'R' Us liquidation plan faces opposition from dozens of toy suppliers [Business News Network (BNN) Energy & Resources (Canada)]
Mattel, Inc. (MAT)
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Source: Business News Network
Toys 'R' Us liquidation plan faces opposition from dozens of toy suppliers Toys 'R' Us heads to U.S. Bankruptcy Court on Tuesday to defend its liquidation plan against an onslaught of objections from creditors, particularly suppliers demanding payment for thousands of toys ranging from Poopeez to Bratz. More than 50 suppliers, including Barbie maker Mattel ( MAT.O ) and Lego, have objected in some form to the proceedings by the storied toy retailer to shutter up to 735 U.S. stores and 30,000 jobs. Some suppliers are demanding the company return any unpaid inventory rather than selling it and using going out of business sales to pay secured lenders and bankruptcy lawyers, at their cost, court papers showed. Even as Toys 'R' Us liquidates in the United States, it is trying to maintain business-as-usual in Canada, Europe and Asia, where it hopes to find a buyer. On Tuesday, the company will ask U.S. Bankruptcy Judge Keith Phillips in Richmond, Virginia to approve a March 26 deadline for
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