The holidays are rapidly approaching, but one of America's biggest  toy retailers is getting their business affairs in order as their future remains in doubt.

According to Reuters, Toys R Us Inc filed for bankruptcy Monday to restructure $5 billion of long-term debt. The company also asked a judge's persmission to borrow money so that it can start paying suppliers ahead of the upcoming holiday season, which is normally the company's busiest quarter.

The announcement has now put Toys R Us' nearly 64,000 employees and nearly 1,600 stores in limbo. The company announced these stores, including the Killeen location on the Central Texas Expressway would remain open for now.

Toys R Us joins Payless Shoes, K-Mart, Rue 21, and other "big box" retailers filing for bankruptcy in recent years due to the growth of online shopping.