For the past 60 plus years, Toys "R" Us has been a go-to store for everything kid, a mecca for games, action figures, dolls and electronics.

  • Toys 'R' Us says it will keep stores open
  • Many brick-and-mortar stores struggling
  • News comes as holiday season is around the corner

But now, Toys "R" Us is in serious financial trouble: Billions in debt and facing stiff competition from places like Amazon and Walmart, the Wayne, New Jersey-based toy store filed for Chapter 11 bankruptcy protection.

The toy store posted the news to its website, calling the move "restructuring" and sharing a letter to their customers. Within the letter, Toys "R" Us stated that it's working to "strengthen [their] financial position" and while the filing affects operations in the U.S. and Canada, stores remain open.

Meanwhile, the company is large: There are nearly a thousand stores in the states, plus another thousand stores across the world.

But, the retailer now joins a growing list of brick-and-mortar stores that are struggling, with the bigger picture of changing consumer habits affecting chains from Aeropostale and PacSun, who, too have filed for bankruptcy, to Sears and Kmart, who have shuttered stores.

Toys "R" Us' filing led to an online buzz Tuesday.

With holiday shopping just around the corner, what this means in the long run for the toy store and its future remains uncertain.

The Wayne, New Jersey-based company announced late Monday that it was voluntarily seeking relief through the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond — and that its Canadian subsidiary would be seeking similar protection through a Canadian court in Ontario as it seeks to reorganize.

Toys R Us said court-supervised proceedings will help restructure the outstanding debt and set the stage for long-term growth.

The company announcement also said separate operations outside the U.S. and Canada are not part of the filings.

Toys R Us has not announced plans to close any of its approximately 1,600 stores.

The news comes as many retailers prepare for the holiday season, which is a critical time for toy sellers.

The company has nearly 65,000 employees worldwide and bills itself as a leading global retailer of toy and baby products.

The Associated Press contributed to this story.