January 22, 2018 / 11:58 PM / 5 months ago

Toys 'R' Us creditors rally behind plan to extend store leases

Unsecured creditors of Toy ‘R’ Us on Monday defended the bankrupt retailer’s plan to pay up to $1.3 million to extend store leases, arguing it needs more time to sort through nearly 800 leases to see which ones it will keep.

Without extensions, Toys ‘R’ Us would need to assume or reject leases by mid-April, a deadline that does not give the chain much time to restructure, the retailer’s official committee of unsecured creditors said in court papers.

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