Sweden’s Crown Princess marries long-time boyfriend

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

Retrieved from “https://en.wikinews.org/w/index.php?title=Sweden%27s_Crown_Princess_marries_long-time_boyfriend&oldid=4509139”
Posted in Uncategorized

The Simple Way To The Desired Life Coverage Is Low Cost Term Life Insurance

By David J. Livingston

Boom in insurance market and awareness amongst people to buy term policies has brought a new option to explore when buying life coverage. Attraction of term policies can be seen when you are offered low cost term life insurance if you are not in the position to afford normal rates. In fact purchasing a term life insurance policy has become so easy that you hardly bother about any other aspect. As life is uncertain and all of us look for some good life coverage we don’t want to loose a chance for buying term policies.

But we fail to take a decision in this regard on many occasions when the issue of affordability comes. These minute aspects have been taken care of by insurance companies nowadays. They know that not everybody can afford to buy term policies even though their rates are low. Henceforth they have introduced an option of low cost term life insurance policies that ensures that every individual, particularly people from low income group get adequate life coverage. Introduction of low cost term life insurance is an attempt to make term policy buying an easy experience and helping societies to understand the importance of term policies.

When it comes to the choice of buying a low cost term life insurance policy then there are certain specifications upon which the choice is based. Out of the many the first one is the desired tenure of the policy. In this case the policy holder can take the policy for a particular period of time and this completely depends upon him, the tenure can start from one year and may go up to 35 or more years. When you take a whole life insurance policy then you are liable to pay the premium for the lifetime and you might feel financial overburdened but in the case of low cost term life insurance policy you do not feel a financial overburden. It also assures that your policy don’t lapse because you feel at home to pay premiums. The policy doesn’t lapse and the beneficiaries can avail the death benefit only if the policy holder expires during the tenure of the policy.

[youtube]http://www.youtube.com/watch?v=9kAUzJjCYqM[/youtube]

The moment your policy term ends, and if you outlive term, no death benefit is given until you don’t renew policy for one more term. But there is possibility that when such case arrive rates of low cost term life insurance policy you renew or buy go higher. There are some other facts that must be understood while buying low cost term life insurance policies. Usually such insurance policies are simpler in nature. But still they have some complexities and loopholes which most insurance policies have. You should refer to quotes to understand such intricacies.

Do remember that death benefit may not be same throughout the term of low cost term life insurance policies. They depend upon choice of policies and their categories. Your selection of decreasing, level or increasing term life insurance will matter the most in those categories of insurance. It is the crucial aspect that even low cost term life insurance has to be understood as sincerely as you look for general term policies. While buying low cost term life insurance you have to reconfirm the process of renewing such policies and any additional charges if there are any.

To smoothen the renewing terms it is very important to understand the details of policies renewal and other such procedures. This is equally applicable to low cost term life insurance like you have in other categories. Even in the case of low cost term life insurance make sure that you know the in and out of renewable and convertible term insurance options. There are certain other things that are to be understood like the process of undergoing medical examinations in the first attempt of buying low cost term life insurance policies, what will happen if you plan to get the same policy renewed, etc.

A transparency in the understanding of the policy holder regarding the various important aspects of the policy is very important and the simplest way to do this is by consulting the quotes. If not quotes then you can contact the insurance broker or underwriter representing particular insurance company whose product you buy and they will guide you through this. The next thing that comes is to understand the details of the procedure of converting low cost term life insurance into some other category. In the case of low cost term life insurance there is no scope of cash value, the sole motive is death benefit and that shall be received by the beneficiaries but this will also happen if the policy holder expires before the expiry of the term.

Self analysis and contemplation of one’s own thought is very important because you need to sit and analyze your needs do really require a low cost term life insurance policy? if you think that going for the term policies with higher rates will be more fruitful for you as well as your family then you shouldn’t stick for a policy at lower rates, in fact then you should go ahead with the policy with higher rates.

About the Author: Article by David Livingston of EQuote.com – a leading website that has the biggest selections of affordable life insurance in the country.

Source: isnare.com

Permanent Link: isnare.com/?aid=610726&ca=Finances

India: Maharashtra plastic ban comes into force

Monday, June 25, 2018

On Saturday, the plastic ban in the Indian state of Maharashtra came into force. In an attempt to minimise pollution, the state government has introduced a ban on single-use plastics.

The leader of the Yuya Sena political party, Aaditya Thackeray, said on Twitter, “The ban on single use disposable plastic cups, plastic bags, plastic straws, plastic plates and cutlery, styrofoam cutlery and non woven bags”. He added, “these are global issues now and we have taken a step to combat it”.

Plastic pollution has led to the choking of drains, marine pollution and a risk of animals consuming plastics. This year, India’s motto for World Environment Day — June 5 — was “Beat Plastic Pollution”. People violating the plastic ban are to face a fine of 5,000 Indian Rupees (INR) for the first offence. For the second offence, the fine is INR 10,000 and the third time offence is INR 25,000 and a three-month prison term. Deputy municipal commissioner Nidhi Choudhary said, “To weed out corruption, we plan to give inspectors payment gadgets for electronic receipts of the fines”.

The Maharashtra government has given a 90-day period for manufacturers to dispose of existing polyethylene terephthalate (PET/PETE) plastic spoons and plates, while shopkeepers and citizens in general have six months to dispose of plastics. However, the ban does not prohibit plastic usage for wrapping medicines or milk cartons thicker than 50 microns.

The state government had announced the decision for the plastic ban on March 23. According to NDTV’s report, Maharashtra is the eighteenth Indian state to enforce a state-wide plastic ban. Aaditya Thackeray also said, “I congratulate the citizens for making this into a movement, even before the ban was enforceable, giving up single use disposable plastic.”

Retrieved from “https://en.wikinews.org/w/index.php?title=India:_Maharashtra_plastic_ban_comes_into_force&oldid=4417631”
Posted in Uncategorized

Iranian International Master Dorsa Derakhshani discusses her chess career with Wikinews

Tuesday, April 14, 2020

In February 2017, the Iranian Chess Federation announced two teenage chess players, Dorsa Derakhshani and her younger brother Borna Derakhshani, were banned from representing the national team. The federation announced their decision although Dorsa Derakhshani had previously decided and informed the chess federation she did not wish to play for Iran.

Dorsa Derakhshani is currently 21 years old and holds the International Master (IM) as well as Woman Grand Master (WGM) titles. Her brother, Borna, plays for the English Federation and holds the FIDE Master title.

Dorsa Derakhshani was banned since she did not wear a hijab, an Islamic headscarf, while competing at the Tradewise Gibraltar Chess Festival in January 2017. Under the laws of Islamic Republic of Iran, hijab is a mandatory dress code. Her brother Borna Deraskhsani was banned for playing against Israeli Grand Master (GM) Alexander Huzman at the same tournament. Iran does not recognise the existence of Israel, and previously, Irani athletes have avoided playing against Israeli athletes.

Mehrdad Pahlavanzadeh, the president of the country’s chess federation, explained the decision to ban the players saying, “As a first step, these two will be denied entry to all tournaments taking place in Iran and in the name of Iran, they will no longer be allowed the opportunity to be present on the national team.” ((fa))Farsi language: ?????? ????? ?? ??? ??? ?? ??? ????? ?? ?? ???? ???????? ?? ?? ????? ? ?? ??? ????? ?????? ??????? ????? ??????? ? ???? ???? ???? ?? ??? ??? ?? ??????? ????. He further stated, “Unfortunately, something that should not have happened has happened and our national interest is paramount and we have reported this position to the Ministry of Sports.” ((fa))Farsi language: ????????? ?????? ?? ????? ????????? ?????? ??? ? ????? ??? ?? ?? ?? ???? ?????? ???? ? ?? ??? ???? ?? ?? ????? ???? ?? ????? ?????.

IM Dorsa Derakhshani, who currently studies at Saint Louis University in the United States and plays for the United States Chess Federation, discussed her chess career, time in Iran and the 2017 controversy, and her life in Saint Louis with a Wikinews correspondent.

Retrieved from “https://en.wikinews.org/w/index.php?title=Iranian_International_Master_Dorsa_Derakhshani_discusses_her_chess_career_with_Wikinews&oldid=4583918”
Posted in Uncategorized

Money Saving Solutions For Purchasing Tobacco In Melbourne, Fl

byAlma Abell

Whether you’re trying to kick the habit, or you’re constantly purchasing tobacco in Melbourne FL, there is a suitable vendor that will meet all of your needs. With the price of tobacco products continuing to rise, more and more individuals are looking for alternative measures that will help them quit or save money. Many vendors are aware of these concerns and, as a result, have begun to stock products such as roll your own cigarettes and e-cigarettes to meet your needs.

Roll Your Own Cigarettes

Tired of having to pay for a pack a day? Well truth be told, many tobacco users are. While you can’t change the prices regulated by the government, you can do something that will help you save a few bucks along the way. Roll your own cigarette options allow for consumers to purchase an apparatus, cigarette wraps, and Tobacco, and create their own packs for a fraction of the cost of buying them in stores.

Options

There are three options that can be considered when rolling your own cigarettes, including a manual injector, electric table injector, or the option to join a club and roll your own cigarettes on site. Each of these has their own benefits. The manual injector option allows you to manually roll your own cigarettes. It takes about an hour and a half to complete a carton’s worth. This is the more economical choice. The electric injector option is a bit faster than the manual option. Using a similar apparatus, you can likely roll a carton of cigarettes in about a half hour. For faster results, however, going to the nearest location and rolling your cigarettes on the spot is the best option.

E-Cigs

For those who’d rather kick the habit completely, e-cigs are a great solution. These electronic cigarettes allow you to kick your addiction to nicotine by slowly reducing your exposure to it. They are very beneficial, and have been proven to be safe for smokers looking to quit, as well as those who might experience secondhand smoke.

So if you’re looking to save money on tobacco in Melbourne FL area, then visiting a local shop is the best way to go about it. You can find roll your own machines, including the manual or electronic options, as well as electronic cigarettes for those looking to kick the habit altogether. Be sure to only buy from a quality vendor that promises fresh products daily.

Plane crashes into office block in Austin, Texas

Thursday, February 18, 2010

A small plane crashed into a building, which was one of the Echelon office complex, in north Austin, Texas this morning at 09:56 local time (1456 UTC).

Federal officials say the plane owner was Joseph Andrew Stack III; presumed to be the pilot who set his house on fire on the 1800 block of Dapplegrey Lane in north Austin an hour earlier. He then drove to Georgetown Municipal Airport, approximately 20 miles away, took off and then crashed his private plane into the Echelon complex.

The Federal Aviation Authority indicated the light aircraft was a Piper Cherokee PA-28, as did news reports and eye witnesses. The FAA said the plane had no flight plan and was under Visual Flight Rules.

Mr. Stack committed suicide, and a suicide note has been located. Mr. Stack’s suicide note mentions anti-government and anti-corporate ideals, as well as problems with the Internal Revenue Service and that he lost money in the Enron scandal. Although the incident was intentional, a Department of Homeland Security official said that terrorism is not suspected. The online host of the note, T35 Hosting, later removed it in its entirety after the FBI requested its censorship. However, Wikinews has preserved the full text of the letter.

Austin Fire Department reported around 1100 local time (1600 UTC) that two people were transported to local hospitals and one was unaccounted for. One man was admitted at a local hospital under serious condition for smoke inhalation. The other man suffered from second-degree burns on 25% of his back and has been transported by helicopter to Brooke Medical Center in San Antonio and is said to be in stable condition.

The seven-story Echelon Building One is located on 9430 Research Boulevard and contains Internal Revenue Service offices. The Echelon building complex houses a number of federal offices, including Central Intelligence Agency and Federal Bureau of Investigation. Research Boulevard is the service road of U.S. Route 183. The incident has caused severe backups on both Research Boulevard and Route 183.

A witness told The Austin Statesman that he saw the plane flying lower than usual, then it made a sharp turn and hit the building.

An Austin County EMS official, James Shamard, said that smoke is visible from at least a mile from the crash site. Another official for the Austin Fire Department said that two persons who were working in the building are still unaccounted for.

MSNBC reports that there was some form of domestic dispute between Mr. Stack and his wife before the incident. He then reportedly used gasoline to light his house on fire. When the fire department arrived, they rescued his wife and teenage daughter.

According to Jerry Cullen, a pilot and former flight instructor who witnessed the crash, the plane was traveling at high speed at time of impact.

Retrieved from “https://en.wikinews.org/w/index.php?title=Plane_crashes_into_office_block_in_Austin,_Texas&oldid=4460821”
Posted in Uncategorized

US House of Representatives passes ‘clean energy bill’

Saturday, June 27, 2009

On Friday, the United States House of Representatives passed House Resolution 2998, better known as the American Clean Energy and Security Act of 2009, following days of debate. The final vote was 219–212, with only 8 Republicans voting for the legislation, and 44 Democrats voting against it. The resolution addresses the “greenhouse effect,” and calls for a 17% reduction of greenhouse gas emissions by 2020, and an 83% reduction by 2050. In addition, the legislation will establish new requirements for utilities, and various incentives for “going green.”

The resolution was sponsored by Representative Henry Waxman of California, and Representative Edward Markey of Massachusetts. At 3:09 a.m. (EDT) on Friday morning, a 341 page amendment was added to the resolution. In an attempted filibuster, House Minority Leader John Boehner read the majority of the added amendment, and stated that “…when you file a 300-page amendment at 3:09 a.m., the American people have a right to know what’s in this bill.”

Reactions to the legislation have been mixed, with opponents and advocates speaking out. The President of the Union of Concerned Scientists, Kevin Knobloch, said that the Union was “thrilled that Congress has finally caught up with science and the American people in recognizing the need to switch on clean energy.” A report by the The Heritage Foundation, a conservative think tank, stated that the legislation would “damage the economy and hobble growth.”

Most House Republicans opposed the bill for going too far in its regulation, with GOP chairman Mike Pence saying that “raising the cost of energy is a bad idea in prosperous times.” Democrat Dennis Kucinich, on the other hand, opposed the bill for not going far enough, calling it an “illusion” that “locks us into a framework that will fail.” Kucinich pointed out that the bill gives subsidies to coal, which is not a clean source of fuel, and includes greenhouse gas emitters such as trash incinerators under its definition of “renewable energy.”

Retrieved from “https://en.wikinews.org/w/index.php?title=US_House_of_Representatives_passes_%27clean_energy_bill%27&oldid=4281437”
Posted in Uncategorized

Feared toll of Indonesian floods, landslides up to 130; dozens missing as bridge swept away

Thursday, December 27, 2007

Heavy rains in Indonesia yesterday triggered widespread flooding and landslides across the nation. It has emerged that last night a bridge was swept away by the swollen river it stretched across, leaving around 40 to 50 people missing in Madiun, East Java. Meanwhile, the total toll of those known or feared to be dead has reached 130.

According to local police chief Supardi in a telephone conversation with Xinhua the flood waters weakened a foundation, resulting in the collapse. At least twenty motorcyclists, car drivers and passengers are thought to be dead, but as of midnight, no bodies had been recovered. However, three bikes have been retrieved. 100 rescuers have been dispatched to the scene. Continuing heavy rain forced the search to be abandoned temporarily.

Java as a whole is the worst affected island; in addition to the bridge collapse most of the landslides occurred in two Central Java districts. Health ministry official Rustam Pakaya told reporters that at least 28,000 people have been forced to abandon their homes in central Java, although exact figures are not yet available. The Red Cross commented that 45,000 East Javanese people have been similarly displaced. Thousands are seeking shelter in mosques and other public buildings.

Landslides buried houses and made roads impassable, while hundreds police officers, military personnel, local officials and volunteers have been digging with farm tools and even their hands to search for survivors. Heavy machinery is available but the road conditions have prevented it arriving at the areas where it is required. Jakarta has dispatched aid in the form of five tonnes of biscuits and instant meals, ten tonnes of baby food and multiple boats.

Heru Aji Pratomo, head of the disaster management centre in the worst-hit district of Karanganyar has confirmed the recovery of twelve more bodies. This brings the total confirmed death toll in the area to 48. He said that most bodies were recovered from three metre deep mud and required heavy digging machinery to retrieve. 28 remain missing.

Local resident Siswo told AFP “Suddenly I felt my house shaking, and I thought it was an earthquake. When I got outside, I saw that the houses next to mine were already covered by earth,” and that it struck twelve neighbouring houses.

In the next district, Wonogiri, disaster management centre head Sri Mubadi told reporters they had retrieved two more bodies, reaching a total of six, with eleven more missing. He also confirmed that they currently have no access to heavy equipment.

In Tawangmangu about 1,000 rescuers were also searching for bodies and survivors without the aid of heavy machinery. Three more bodies were retrieved today.

Islamic cleric Abu Bakar Bashir toured a Karanganyar village, at which time he commented that he felt the disaster had been caused as a form of divine revenge, saying “This was likely caused by immoral acts going on here,” and “This could be a lesson to be learned.” The 69-year-old served two years after being linked to the 2002 Bali bombings, before having his conviction overturned last year.

Chalid Muhammad, director of Walhi, an Indonesian environmental group, had a different opinion. “For five consecutive years landslides and floods have occurred in Java, claiming many lives. The main trigger is ecological destruction caused by deforestation, forest conversions and chaotic spatial planning,” Chalid told Reuters.

“There have been no adequate efforts by the government to protect the people from disasters. When the landslides happened officials were on holiday and there was no access of heavy equipment to the affected areas.”

Retrieved from “https://en.wikinews.org/w/index.php?title=Feared_toll_of_Indonesian_floods,_landslides_up_to_130;_dozens_missing_as_bridge_swept_away&oldid=3130535”
Posted in Uncategorized

Understanding Your Home Mortgage Loan With Bad Credit Fico Scores

Understanding Your Home Mortgage Loan with Bad Credit FICO Scores

by

Mark Venite

There is no getting away from the fact that approval on any home loan, never mind a home mortgage loan with bad credit, is heavily dependent on the credit rating the applicant has. Simply put, if an applicant has a low credit score, then the chances of getting their application approved is reduced. But the rating itself is not the application killer.

[youtube]http://www.youtube.com/watch?v=hn7EIHqWY40[/youtube]

Understanding how the credit scoring system works is a key element to improving the chances of getting home mortgage loans approved despite bad credit, because it is possible to take effective steps toward improving the rating. What is important to note is that the rating is continually recalculated, and pro-active steps will have a positive effect on the calculation. So, in the end, even bad credit home mortgage loans become a far more attainable. What is FICO? Generally speaking, people have no real understanding of what their credit score is, or how it is calculated. So, when it comes to applying for home mortgage loans with bad credit, applicants have more uncertainty than they need to have. FICO is one of a number of credit agencies that calculate these scores. Its full name is the Fair Isaac Corp, and while the formula they use is rather complicated, it is recognized as a fair and accurate method. In essence, the credit score is simply a calculation designed to grade applicants based on their track record in repaying loans. Lenders can use this score to assess the level of risk involved in lending to a particular borrower, something that is particularly useful to them in the case of assessing a bad credit home mortgage loan application, for example. However, understanding what is important in the calculation is the best way to prepare the right application, and so all but guaranteeing getting home mortgage loans approved despite bad credit. Two Important Factors Even if the calculation is quite complicated, the two most significant factors in the equation are the payment history and the asset-to-debt ratio that the applicant has. If both of these factors are not too bad, then the rating is good and the chances of getting a home mortgage loan with bad credit are greatly improved. The payment history relates to any late payments made on loans in the past, which migtht suggest that repayments on a bad credit home mortgage loan may not be received on time. However, any more serious cases, such as defaults, foreclosures and bankruptcy rulings are also taken into account. The asset-to-debt ratio relates to the amount an applicant owns compared to the amount they owe. It is not simply a matter of how much excess income is available, something most believe is enough to get home mortgage loans approved despite bad credit. In fact, it is more closely related to the amount of existing debt, compared to available income, with debt matching 60% of total asset value a preferred limit. Steps Towards Improvement There are four main steps that can be taken to improve your chances of having an application for a home mortgage loan with bad credit approved. Firstly, consolidating all of the existing debts though one loan, and secondly, showing that an effort has been made to rebuild a credit status, even after bankruptcy. When seeking a bad credit home mortgage loan these can convince the lender that every effort is being made to commit to such a long-term loan. More basic steps towards getting home mortgage loans approved despite bad credit are seeking advice from a credit counselor and preparing a precise and detailed budget. But as long as lenders see that an effort is being made, the influence of a credit rating is lessened and the chances of a getting a home mortgage loan with bad credit is greatly improved.

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for

Bad Credit Personal Loans for 5000

and

Bad Credit Student Loans Guaranteed

. For more information about his services please visit him at

accessmyloan.com

Article Source:

Understanding Your Home Mortgage Loan with Bad Credit FICO Scores

US toy retail giant Toys R Us files for bankruptcy in US, Canada

Thursday, September 21, 2017

On Monday night, New Jersey, US-based toy retail giant Toys R Us filed for bankruptcy in the US as well as in Canada. The retailer filed it from Richmond, Virginia for Chapter 11 bankruptcy code in the US, and a judge allowed a loan of over US$2 billion.

According to the filing, the retail chain owns US$6.6 billion in assets, but has a debt of US$7.9 billion. They were under a roughly US$5 billion debt since the company underwent a three-way acquisition in 2005. Kohlberg Kravis Roberts, Bain Capital, and Vornado Realty Trust acquired Toys R Us for around US$7 to US$7.5 billion. After the US judge approved a loan, Toys R Us received about US$3 billion from the lenders to continue the business and survive a competitive market, and restructure their business model. E-commerce giant Amazon.com, Walmart and Target are some of the competitors for the conventional ‘brick and mortar’ toy shop, with lower priced-merchandise and fast, cheap delivery. In a conference call in June, CEO Dave Brandon said “very, very aggressive pricing online” was causing problems. He also said the company was experiencing “significant weakness in demand for their products globally”. Toys R Us are to clear a debt of US$400 million by May 2018.

Toys R Us said they would continue to operate for the holiday season. Bankruptcy lawyer Jeff Gleit said Toys R Us “need to do both a financial restructuring as well as an operational restructuring” and “needs to modernize with the times”. Last holiday season, Toys R Us made sales around US$4.5 billion. Overall, the company reported a US$29 million loss in 2016. CEO Brandon said, “Our objective is to work with our debt holders and other creditors to restructure the US$5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business”.

Toys R Us employs more than 60 thousand people in 38 countries around the world in more than 1600 stores. The company’s stocks fell by six percent after filing for Chapter 11 protection. US bankruptcy code Chapter 11 allows the company to restructure under a plan approved by the court. The company would also be shielded from creditors’ claims during the process. For the stores located in Canada, Toys R Us filed bankruptcy in Ontario and are to undergo reorganisation. However, 259 stores located outside the US or Canada will not undergo reorganisation, the company said.

Over 300 US-based retailers have filed for bankruptcy this year, and hundreds of stores closed.

Retrieved from “https://en.wikinews.org/w/index.php?title=US_toy_retail_giant_Toys_R_Us_files_for_bankruptcy_in_US,_Canada&oldid=4455641”
Posted in Uncategorized