Toys “R” Us voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond. The company received a commitment for more than $3 billion in debtor-in-possession financing from various lenders, including a JPMorgan-led bank syndicate and certain of the company’s existing lenders.

“Today marks the dawn of a new era at Toys “R” Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way,” said Dave Brandon, chairman and CEO.