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Toys R Us files for bankruptcy

The toy retailer Toys R Us filed for Chapter 11 bankruptcy protection on Monday.The retailer made the move as part of an effort to pay down $5 billion in debt it owes as a result of a leveraged buyout in 2005, according to an earlier report from The Wall Street Journal.The chain's trio of owners — the private-equity firms Kohlberg Kravis Roberts and Bain Capital Partners and the real-estate investment trust Vornado Realty Trust — bought the company in a deal worth $6.6 billion, taking it private.Chapter 11 protection allows the company to restructure $400 million in debt due in 2018, another $1.7 billion due in 2019, and then renegotiate the rest, according to CNBC.The debt crisis comes at a critical time for the toy seller. Toys R Us last year made 40% of its sales in the fourth quarter, thanks to holiday shopping. Vendors are feeling increasingly anxious about the chain's ability to pay down its debts, according to the reports, which could lead to a shortage of toys to stock its shelves and further exacerbate the issue.Toys R Us has also struggled as it increasingly competes with online retailers in its two main businesses: baby goods and toys.A Toys R Us representative did not immediately respond to a request for comment.Join the conversation about this story » NOW WATCH: Sears is closing even more Kmart stores — see if yours is on the list

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Tesla hits an all-time high (TSLA)

Tesla hit an all-time high on Monday. The stock jumped 2.03% to $389.57 in mid-day trading, but it's now trading fractionally lower at $383.77.The new high comes in the middle of the company's production ramp for the Model 3. Tesla has an estimated 500,000 backorders of its first mass-marketed vehicle and is increasing production to try and work through the glut.The Gigafactory, Tesla's massive battery plant in the Nevada desert, seems to be coming along well. The factory is expected to be producing the equivalent of 1 million Model 3 batteries in 2018, at a time when the company hopes to be making 20,000 cars a month, according to Ben Kallo, an analyst at Baird.Tesla also recently announced the reveal date for its new semi-truck. The semi is rumored to be aimed at the regional trucking market, with a range of between 200-300 miles. Details about the truck are unclear, but some estimates put its cost as high as $100,000. Tesla is up 78.43% this year, with a market cap of $62.51 billion as of Monday's open.Click here to watch Tesla's stock trade in real time...SEE ALSO: BAIRD: Tesla's Gigafactory is ramping up — and it hands the carmaker a huge advantageJoin the conversation about this story » NOW WATCH: Amazon's transformation of Whole Foods puts the entire grocery industry on notice

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