Iconic children’s chain Toys R Us has filed for voluntary Chapter 11 bankruptcy.

The move is intended to help the company restructure its debt.

“Today marks the dawn of a new era at Toys”R”Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way,” said Dave Brandon, the company’s chairman and CEO, said in a statement

“We are confident that these are the right steps to ensure that the iconic Toys”R”Us and Babies”R”Us brands live on for many generations.”

The company said it will continue to operate as usual its approximately 1,600 Toy R Us and Babies R Us stores. There is a store on the campus of The Empire Mall.

Other retailers filing for bankruptcy this year include Payless Shoe Source, and children’s clothing chain Gymboree Corp.