Toys 'R' US bankruptcy imminent, sources say

(FOX BUSINESS) - Embattled and debt-laden retailer Toys "R" Us may file for bankruptcy as early as Monday, as reported by Bloomberg, citing people familiar with the situation.

The retailer, which also owns Babies "R" Us, is saddled with about $400 million in debt, according to reports. Headquartered in Wayne, N.J., it has 1,871 stores worldwide and employs nearly 65,000 globally, as listed on the company website.

Speculation on the looming Chapter 11 filing has been increasing in recent days. Last week, The Wall Street Journal reported the company would take the step before the key holiday selling season.

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