SACRAMENTO (CBS13) — Venerable toy store chain Toys ‘R’ Us has filed for Chapter 11 bankruptcy protection as it seeks to restructure its debt obligations.

The company announced the move late on Monday night.

There are no planned store closures, and the company expects to operate as normal through the holiday season.

A statement by the company says it is trying to work with $5 billion of debt on its balance sheet and has commitments for around $3 billion in liquidity to meet obligations through the restructuring.