(Reuters) – Toys ‘R’ Us Inc, the largest U.S. toy store chain, which filed for bankruptcy late Monday, will ask a judge on Tuesday for permission to borrow money so that it could start paying suppliers to ensure it’s Lego building blocks and Barbie dolls for the holiday season. The Chapter 11 filing, casts doubt and to restructure $ 5 billion of long-term debt, is among the largest ever by a specialty retailer. The collapse came. Reports earlier this month that the company hired a law firm that specializes in bankruptcy set off “a dangerous game of dominoes,” David Brandon, the corporation’s chief executive and chairman, said in a court filing. Ten days later all the company’s vendors refused to send products in advance without cash, forcing Toys ‘R’ Us to scramble to raise $1 billion for its suppliers that are worried, according to court filings. The timing couldn’t be worse. Toys ‘R’ Us is building stock for fourth quarter and the holiday season, which accounts for 40 percent of net sales. Toys ‘R’ Us received a commitment in debtor-in-possession funding from creditors including a bank syndicate and existing creditors, said the Wayne, New Jersey-based company, which also operates the Babies ‘R’ Us chain. Chief Executive Dave Brandon said in court filings that he hoped Chapter 11 would allow the company to cover the financial limitations that “have held us back” in a “lasting and beneficial way.” “With our investors, our objective is to use our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet.” The company said it plans to spend $64.8 million before 2022 to make it more enjoyable to shop in its stores. The business cautioned it wasn’t going to take part in an “unrelenting race to the bottom” by attempting to slash prices to compete with Amazon.com Inc (AMZN.O), the only company that sells more toys than Toys ‘R’ Us. FILE PHOTO: Consumers leave a Toys R Us store with complete shopping carts after shopping on the day dubbed “Black Friday” in Framingham, Massachusetts, U.S., November 25, 2011. REUTERS/Adam Hunger/File Photo “What they have going for them is they are the last major player in their market,” said David Berliner, a partner and restructuring expert with BDO Consulting. “The vendors do not wish to see them fail, so I believe they have a fantastic chance to survive,” he said. However, Toys ‘R’ Us did not enter bankruptcy with the typical plan for store closures that the timing of the bankruptcy was beyond the control of the company. Slideshow (2 Images) Share prices of toy manufacturers recovered some of the ground lost in recent days when investors grew worried about the ability of Toys ‘R’ Us to cover for holiday merchandise. Mattel Inc (MAT.O) gained 1.3 percent and Hasbro Inc (HAS.O) added 2.5 percent. Toys ‘R’ Us is saddled with debt from a $6.6-billion buyout in 2005, led by KKR & Co LP (KKR.N) and Bain Capital LP, together with real estate investment trust Vornado Realty Trust (VNO.N). Toys ‘R’ Us has bonds coming due which have lost half their value according to Thomson Reuters data, as investors have grown worried. The business opened a store to capture holiday shoppers, almost two years after its flagship store closed a block away, driven out by high rents. Its Canadian unit plans to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice, Toys ‘R’ Us said in a statement. Operations outside of the USA and Canada, including joint venture partnerships in Asia, which can be separate entities and about 255 licensed shops, are not part of the bankruptcy proceedings, Toys ‘R’ Us said. This year more than a dozen retail chains have filed for bankruptcy. Were apparel chains rue21 Inc Perfumania Inc and Gymboree Corp shoe chain Payless Holdings LLC and designer clothes chain BCBG Max Azria Global Holdings LLC. Major retailers, including Macy’s Inc (M.N) and Sears Holding Corp (SHLD.O), have closed hundreds of places as they struggle to compete with discounters like Wal-Mart Stores Inc (WMT.N) and Amazon.com. Reporting from Tom Hals in Wilmington, Delaware, Tracy Rucinski in Chicago and Subrat Patnaik in Bengalurureporting by Jessica DiNapoli in New York; Editing by Nick ZieminskiOur Standards and Noeleen Walder:The Thomson Reuters Trust Principles.