On September 18, 2017, Toys "R" Us, Inc. filed for Chapter 11 bankruptcy, stating the move would give it flexibility to deal with $5 billion in long-term debt, borrow $2 billion so it could pay suppliers for the upcoming holiday season and invest in improving current operations. The company has not had an annual profit since 2013. It reported a net loss of US$164 million in the quarter ending April 29, 2017. It lost US$126 million in the same period in the prior year. It had been paying US$400 million per-year to service its debt, which prevented it from investing in improvements to in-store experiences to compete with Amazon and Walmart. Although the "retail apocalypse" was a factor, some analysts cited that the rapid increase in debt occurred under its private equity ownership.