Game Over for Toys "R" Us, iHeartMedia Files for Bankruptcy

Toys "R" Us is closing its doors after 70 years in business. The toy retailer will close all of its stores and plans to liquidate the remaining inventory. In total, Toys "R" Us had around 800 stores. This means that approximately 33,000 people will lose their jobs. The company filed for bankruptcy six months ago and has been struggling to restructure its debt since then. In other bankruptcy news, iHeartMedia is filing for bankruptcy protection. The largest U.S. radio company said it reached an in-principle agreement with investors to restructure its debt. Currently, the company has more than $20 billion in debt. iHeartMedia, which owns iHeartRadio, has been faced with declining sales and a shrinking customer base in recent years.

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Flights to LAX halted due to air traffic controller shortage

The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.

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