February 7, 2018 / 12:46 AM / 7 months ago

Bankruptcy watchdog and Toys "R" Us resolve dispute over liquidators

Toys “R” Us on Tuesday won a court order allowing it to retain liquidators to shutter nearly 200 stores after telling the judge overseeing its Chapter 11 bankruptcy it had resolved objections to hiring them raised by the U.S. trustee.

Last week, the government’s bankruptcy watchdog in papers filed in U.S. Bankruptcy Court in Richmond, Virginia, argued that services the liquidators would provide the bankrupt retailer “strongly resemble” those of auctioneers, who are considered professionals under the Bankruptcy Code along with lawyers and accountants.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2GVyf6g

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