Toys 'R' US has officially filed for bankruptcy protection in the United States and will soon do the same in Canada.

The beloved toy store filed for Chapter 11 documents on Monday evening in order to rectify a massive $400-million debt that has been built up over the course of 15 years. The debt, which is due in 2018, has already caused some of its vendors to cut back on shipments.

via @bebesymas

Toys 'R' Us experienced a dull 2016 holiday season. The decline in business could be due to a rapid shift in online retail - millennial parents, who were once the toy store's biggest customers, have now turned to other services like Amazon and eBay, despite Toys 'R' Us having its own online services as well.

The hope is that the filing will help assure Toys 'R' Us' major suppliers, such as Hasbro and Mattel, that the company is focused on a comeback. It has secured $3 billion U.S. in financing to stay open while it works on restructuring its debt.

Millennials on Twitter expressed their sadness over the news:

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