“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.” Last week, the Wayne, New Jersey-based toy retailer filed for chapter 11 bankruptcy. It was revealed the mega toy company has $4.9 billion in debt, $400 millions of which has interest payments due in 2018 and $1.7 billion due in 2019. Toys “R” Us held onto its toy throne probably longer than anyone had expected, keeping the reputation as the pioneer in big-box format toy sales and the go-to destination for people shopping for toys, baby products and birthday gifts. Filing for bankruptcy is a smart step to essentially ensure that the iconic brand stays around for many more generations and before holiday shopping season starts. Toys “R” Us was overwhelmed by consumers’ rapid shift to buying goods on the Internet, such as Amazon, Wal-Mart and Target. The past decade has seen a dramatic change in the domestic toy market with new channels, increased competition and new technology all having a toxic impact on traditional toy stores. The change is not just impacting toy stores, Payless and Gymboree also filed for bankruptcy this year. Overall, many industries are shedding their real estate footprint and trying to get more in sync with shoppers.