Toys'R'Us was the victim of a leveraged buyout in 2005. The business hasn't been doing all that poorly, just not well enough to pay off all the debt. So capex i

Toys'R'Us was the victim of a leveraged buyout in 2005. The business hasn't been doing all that poorly, just not well enough to pay off all the debt. So capex is taking a backseat to debt servicing. It's a slow-motion train wreck. The same thing just happened to Clear Channel. The bankruptcies aren't likely to kill off the business, but hand ownership over to the debt holders.