No! Toys R Us was not at all a “perfectly viable business”, rather a deeply troubled retailer with long history of decline, mismanagement, terrible earnings, and a disaster of a balance sheet! [1] And “if not for the ridiculous debt-load” is like saying Flint Michigan had delicious water except for the poison. Debt load destroys companies unless they are growing revenues and can service and retire the debt.

Thousands of workers lost jobs because the company leadership and market pressures crushed the company; oh, and that debt.

Enter PE and a much needed restructuring. Now Toys R Us is reformed into more of an experience vice pure retailer. [2]

While not as large as it once was there are jobs there now whereas absent the reforms PE brought there would very likely be only some real estate for sale and a footnote in business history. And no jobs.

So yeah, blame PE.

[1] https://www.retaildive.com/news/inside-the-20-year-decline-o...

[2] https://www.cnbc.com/2019/02/11/toys-r-us-executives-plot-re...