Toys R Us is the latest retailer falling victim to online shopping.

The company filed a Chapter 11 bankruptcy on Monday and made the announcement on their website. They stated that with this filing the company will be able to restructure after paying off their $5 billion debt.

They also made sure to stress that their 1,600 Toys R Us and Babies R Us stores, around the world, will not be affected and none will close.

Toys“R”Us and Babies“R”Us Stores and Web Stores across the World are Open and
Continuing to Provide World-Class Experiences for Customers"

Therefore, parents can be assured that they can plan on spoiling their kids just like they planned for the holidays!

Today.com says that Amazon is America's #1 toy seller, and in their statement, Toys R Us acknowledged the competition when discussing the positive effect they're hoping the bankruptcy will have.

...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."

Today.com reports that after the bankruptcy filing, toy giants, Hasbro and Mattel saw their stocks go down.

In the meantime, a kid can still be a kid at Toys R Us.