The Toys “R” Us world headquarters are on a sprawling wooded campus next to a reservoir in Wayne, N.J., on a street that bears the name of the company’s iconic mascot, Geoffrey the giraffe.
But in September, when Toys “R” Us filed for one of the largest bankruptcies of the year, it did not go to nearby Newark.
Instead, the toy company followed an increasing number of corporations — from Gymboree to a major coal company to a Pennsylvania fracking company — that are choosing to file for bankruptcy in Richmond, Va.
In recent years, Richmond has become the destination wedding spot for failed companies. The United States Bankruptcy Court there offers several features attractive to the executives, bankers and lawyers trying to get an edge in the proceedings.
