At the time, many commentators blamed Amazon. But this was, at best, only part of the story. Toys’ sales remained steady, even during the Great Recession, and in the year before it filed for bankruptcy, its $11 billion in revenue17 accounted for an estimated one-fifth of all toy sales in the country.18 The problem wasn’t market share; the problem was the debt. By 2017, Toys’ payment on the interest alone nearly matched its entire operating income: the company had $460 million in operating income and $457 million in interest expenses.19 Without money, the company couldn’t make the necessary investments to compete online, couldn’t hire the best people, and couldn’t keep its stores clean.