Toys R Us, the pioneering big box toy retailer, has announced it has filed for Chapter 11 bankruptcy protection while continuing with normal business operations.Read More »
Amazon.com has confirmed it will open a fulfillment center in Monroe, creating more than 1,000 full-time jobs. Sanjay Shah, Amazon's vice president of North America customer fulfillment, said Amazon is excited to add on to the over 6,000 Ohioans who are currently employed by the retail giant, according to a press release . Related: Amazon's HQ2 sends U.S. cities into recruiting overdrive.
It comes just as Toys 'R' Us is gearing up for the holiday shopping season, which accounts for the bulk of its sales. "While today's decision does not necessarily mean it is game over for Toys 'R' Us, it brings to a close a turbulent chapter in the iconic company's history," said Neil Saunders, managing director of GlobalData Retail. Toys 'R' Us received a commitment for over $3 billion in debtor-in-possession financing from lenders including a JPMorgan-led bank syndicate and certain existing lenders, said the Wayne, New Jersey-based company, which also operates the Babies 'R' Us chain.
Key U.S. index funds advanced in the stock market today as the major averages rose to new intraday highs. XAutoplay: On | OffSPDR Dow Jones Industrial Average (DIA) gained 0.3% and SPDR S&P 500 (SPY) added 0.2% as both indexes closed at record highs. But PowerShares QQQ Trust (QQQ) reversed lower to end with a 0.1% loss. Small caps led the upside with iShares Russell 2000 (IWM) rallying 0.7%. Semiconductor, banks and energy were among the biggest sector gainers, while gold, utilities and real estate underperformed. VanEck Vectors Semiconductor (SMH) and iShares PHLX Semiconductor (SOXX) rose more than 1% apiece. Component stock NvidiaNVDA gapped up more more than 4% to a new high and is now