RETAIL GIANT TOYS-R-US HAS FILED FOR BANKRUPTCY PROTECTION, COMPANY HAS $5 BILLION IN DEBT, MOVE COMES AHEAD OF THE VERY BUSY HOLIDAY SHOPPING SEASON. THREE ON YOUR SIDE JIM DONOVAN HAS MORE ON THE DECISION TO FILE FOR BANKRUPTCY PLUS WHAT IT MEANS FOR CUSTOMERS. REPORTER: TOYS-R-US IS THE LARGEST TOY STORE CHAIN IN THE U.S. BUT SOME SHOPPERS ARE SURPRISED TO HEAR THAT THE COMPANY FILED FOR BANKRUPTCY. I’M A LIT THE SAD. RIGHT NOW YOUR CHOICE IS ALMOST WAL-MART OR TOY STORE, IT IS LAST PLACE. REPORTER: MOVE COMES JUST WEEKS BEFORE THE BUSY HOLIDAY SHOPPING SEASON WHICH MAKES UP MOST OF THE COMPANY’S SALES. IN A STATEMENT C O DAVE BRANDON SAYS AS THE HOLIDAY SEASON RAMPS UP OUR PHYSICAL AND WEBB STORES ARE OPENED FOR BUSINESS. TOYS-R-US HAS 1600 STORES, IN 64,000 EMPLOYEES, AND THE COMPANY’S FILED IMPORTANT BANKRUPTCY TO RESTRUCTURE $5 BILLION IN DEBT. THE DEBT STARTED WHEN THE COMPANY WAS BOUGHT OUT IN 2005 , AND SINCE THEN, TOYS-R-US HAS LOST BUSINESS TO WAL-MART, TARGET AND ON LINE RETAILERS LIKE AMAZON. IN THE PAST THREE YEARS STORES HAVE SEEN A STEADY DECLINE IN SHOPPERS. CBS NEWS BUSINESS ANALYST JILL SCHLESINGER BELIEVES THE COMPANY COULD EVENTUALLY BE FORCED TO SHUT DOWN UNDER PERFORMING STORES. BRICK AND MORTAR STORES HAVE BEEN UNDER GREAT PRESSURE , WE SAW RADIO SHACK GO OUT OF BUSINESS THIS YEAR, WE SAY PAY LESS SHOES, THE LIMITED, THIS IS NOT UNIQUE TO TOYS-R-US. REPORTER: TOYS-R-US SAYS VAST MAJORITY OF THE STORES REMAIN PROFITABLE, THE COMPANY SAYS IT WILL CONTINUE TO HONOR RETURN POLICIES AND CUSTOMER LOYALTY PROGRAMS, SHOULD REMAIN AS THEY ARE. SO WHAT IF YOU HAVE GIFT CARD FOR TOYS-R-US? COMPANY PLANS TO HONOR THEM AS USUAL AND YOU SHOULD HAVE PLENTY OF NOTICE IF THAT