Is there a Toys 'R' Us lurking in Asia?

ALL children grow into adulthood, when grim responsibilities hit you. Toys R Us, the world's largest toy retailer, has filed for Chapter 11 bankruptcy protection. The potential collapse of this icon, which has 11 stores in Singapore, is a source of anguish for the millions of children who relish its wares. It is also a parable on the dangers of excessive leverage fuelled by childish exuberance.

Toys R Us was founded by Charles Lazarus, a determined World War II veteran, in 1948. Mr Lazarus made the prescient forecast that the post-war baby boom would lead to a craving for toys. Also, toys break easily and are constantly replaced, so demand would be e…