It’s a sad day for Toys R Us kids across the country.
The iconic Wayne, New Jersey-based toy retailer announced in a news release Thursday that it filed a motion seeking Bankruptcy Court approval to begin the process of winding down its U.S. business.
Store closing sales have already started at some locations and gift cards will be accepted until April 14, the Chicago Tribune reports.
Toys R Us closing soon: What you need to know
This may not be the end for Toys R Us. The retailer said it’s in talks with potential buyers who may be interested in combining up to 200 U.S. stores with its Canadian operations.
In the meantime, Toys R Us is seeking court approval to liquidate inventory in all 735 of the company’s U.S. stores.
“This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years,” said Toys R Us Chairman and CEO and Dave Brandon.
Toys R Us filed for bankruptcy protection in September 2017, before the Black Friday holiday shopping season.
When reports began to surface last week that a liquidation was likely, Toys R Us sent out the following tweet to thank loyal customers for their “outpouring of love and support.”
Employees were told on Wednesday that Toys R Us would close or sell all stores. The move will impact up to 33,000 jobs.
Clark’s bottom line: Money expert Clark Howard has been urging people to avoid buying gift cards to struggling retailers. If you have a Toys R Us gift card, use it before it becomes worthless!
Stay with Clark.com for updates on this developing story. Share your Toys R Us memories in the comments below!