Toys R Us will be closing all its 735 USA stores, including those in Puerto Rico.
If you have a Toys-R-Us gift card, you might want to use it immediately.
Toys" R " Us, which recently entered administration in the United Kingdom, is conducting an orderly wind-down of its USA business and liquidation of inventory in all 735 stores in the country, including Puerto Rico.
A shopping cart sits in the parking lot at a Babies R Us store on January 24, 2018 in Chicago. There's also buzz that as many as 400 locations may be sold to MGA Entertainment (which owns L.O.L Surprise and Bratz), which would reportedly continue to operate them under the Toys "R" Us Name. "Toys R Us Canada is a good business".
Gone will be the days of Black Friday toy shopping or a birthday trip to Toys-R-Us. The world was shook when Blockbuster was taken down, HMV with its massive dues, and now the likes of a beloved toy store by many.
"They're not on our major employer list, which means they have less than 300 there", Greuling said.
The plan "was to reduce our exposure in the baby business which has been our most troubled business under the most pressure both in terms of sales, market share and margin dollars", he said. The 70-year-old retailer filed for Chapter 11 Bankruptcy last September.
Toys "R" Us employs 3,200 people at 100 stores in Britain. The final blow was the recent holiday season which was disastrous for the company while overall the industry racked up the largest gain in years.
Employees at several midstate stores reached Thursday morning said they heard the announcement that the debt-riddled New Jersey-based toy retail giant, known for the giraffe mascot, is running out of cash and must liquidate its stores.
"I am very disappointed with the result, but we no longer have the financial support to continue the company's USA operations", said Dave Brandon, the company's CEO. It closes the store in 2015 and sells the brand a year later.
"Spread thin across too many countries, with too many stores and too much debt, it boxed itself into its current fate", he said.