It has been an emotional time for Americans who were once, as the commercials would say, “Toys R Us kids.” The Wayne, N.J.-based toymaker filed for Chapter 11 bankruptcy protection on Monday in order to restructure some billion in debt. Toys R Us has been battered in recent years by stiff competition from Amazon, Walmart and Target, but the overhang of a .6 billion leveraged buyout in 2005 made its financial troubles worse. More than .3 billion of the buyout was financed by debt . Even so, the bankruptcy protection could provide Toys R Us with ways to stabilize its finances, said Wharton management professor Daniel Raff . It could also give the retailer the leverage to employ creative strategies to increase customer traffic at its network of 1,600 stores across 38 countries, said Marc Rosenberg, former executive vice president of marketing for Hasbro-Tiger Electronics , who is now an entrepreneur focused on the millennial generation.…