The debt, of course, was what ultimately did the company in.Under its onerous weight and with little hope of refinancing it, Toys R Us hired restructuring advisers in 2017.
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A miserable holiday season would be the nail in its coffin. It blamed the uncertainty surrounding its chapter 11, price-cutting rivals and weakened e-commerce business.
The holiday season left it unable to ensure it would be able to continue to satisfy the terms of its bankruptcy loan.
The challenges that were ultimately Toys R Us' undoing had been decades in the making, according to multiple conversations with industry executives and employees.
Years of being the most important toy store in town left it cavalier, according to those former employees and industry insiders.
The plan was to put together pre-packaged bankruptcy for after the holiday season in advance of upcoming payments due, sources tell CNBC.
But when CNBC broke news that it may file, it caused a run on the bank.
It is a black-eye for its its three owners, KKR, Bain Capital Partners and real estate investment trust Vornado Realty Trust, who took the retailer private in 2005 for .6 billion, leaving it with .9 billion in debt.
That debt would become an anathema for the business, keeping it from making the investments it needed as the retail landscape rapidly transformed around it.
"I remember when I first got there, walking into the first meeting with the executive committee thinking, 'This is going to be interesting.