NEW YORK

Toys ‘R’ Us, the big box toy retailer struggling with $5 billion in debt and intense online competition, has filed for bankruptcy protection ahead of the key holiday shopping season — and says its stores will remain open for business as usual.

The company said the proceedings are a way for Toys ‘R’ Us to work with its creditors on restructuring the debt beleaguering it. And it emphasized that its stores worldwide will remain open and it will work with suppliers and sell merchandise.

Filing for bankruptcy protection “will provide us with greater financial flexibility to invest in our business … and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide,” Chairman and CEO Dave Brandon said in the announcement.

The move comes at a critical time leading into the holiday season that is crucial to retailers’ bottom lines. The company said it was “well stocked as we prepare for the holiday season and are excited about all of our upcoming in-store events.”

Retailers of all kinds are struggling. The Toys ‘R’ Us bankruptcy filing joins a list of at least 18 others since the beginning of the year — including shoe chain Payless Shoe Source, children’s clothing chain Gymboree Corp. and the True Religion jean brand — as people shop less in stores and more online.

“Toys ‘R’ Us had little choice but to restructure and try to put itself on a firmer footing,” said Neil Saunders, managing director of GlobalData Retail.