A popular national toy store chain has filed bankruptcy. This could cause major problems for Santa and shoppers this holiday season. According to the Wall Street Journal, Toys R Us has filed bankruptcy overnight. The main reason the toy chain has filed, is that their suppliers are owed money on back stock. They are threatening to not stock the shelves if they are not paid or will only accept cash to stock the stores.

The holiday season is obviously where toy stores make their money for the year because of the millions of parents and customers who buy for children and spend billions on gifts.

It doesn't look good for the major toy store, as of April 29th, Toys R Us was $5 billion in debt. They did hire a law firm to keep them afloat but they won't be able to keep it up much longer. Like other brick and mortar stores, Toys R Us is feeling the crunch of customers shopping online instead of inside their retail locations.

It seems as if Santa may have his elves working overtime this holiday season to help offset the Toys R Us bankruptcy.