LONDON: Toys R Us stores in the Gulf remain open for business despite the US parent company filing for Chapter 11 bankruptcy protection.
A statement from the company said that the US operation and its Canadian unit would file for bankruptcy but that some 255 overseas stores were not part of the proceedings.
“The company intends to use these court-supervised proceedings to restructure its outstanding debt and establish a sustainable capital structure that will enable it to invest in long-term growth,” it said.
It added: “The company’s approximately 1,600 Toys“R”Us and Babies“R”Us stores around the world — the vast majority of which are profitable — are continuing to operate as usual.
Managers who spoke to Arab News at Toys R Us stores in Riyadh, Jeddah and Dubai said that they were trading as normal and were owned by separate entities.
Dubai-based Al Futtaim Group operates the largest number of Toys R Us stores in the region.
It has outlets in 19 locations across the Middle East and North Africa that include Bahrain, Egypt, Kuwait, Oman, Qatar and the UAE, according to its website.
The company was not immediately available for comment.
Several big high street names that have gone bust in Europe and the US in recent years have continued to trade in the Gulf states where they typically operate through standalone companies under licensing agreements with one of the big regional retail players.
Toys R Us is filing for bankruptcy as the global toys market begins to ramp up for its busiest time of the year.
CEO Dave Brandon said the company intended to work with creditors to restructure $5 billion of long-term debt on its balance sheet “which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide.”
Gulf Toys R Us stores remain open as US company files for bankruptcy
Gulf Toys R Us stores remain open as US company files for bankruptcy
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
