Toys R Us is going out of business, closing all stores

  • Toys R Us is going out of business, closing all stores

Toys R Us is going out of business, closing all stores

The kids may not wanna grow up, but they'll still have to do it - and without Toys "R" Us. The company could close its stores as early as next week.

The fun could be over for Toys "R" Us as the chain reportedly has missed payments to its suppliers without explanation and prepares to file a liquidation plan with a U.S. Bankruptcy Court.

The rumors of liquidation are still unconfirmed but anonymous sources have given confirmation to several news organizations like USA Today, and The Wall Street Journal. In January, it was announced that 182 of its over 800 locations - almost 20 percent of its stores - would be closing come February, but before February was through, the news of a further 200 closures was announced.

The company also operates a Toys R Us and Babies R Us store across from Colonie Center and a Toys R Us store in Clifton Park that were not included on the list of closures but would be affected by the retailer's liquidation.

The struggles of Toys "R" Us have taken a toll on the two largest toymakers, Hasbro Inc. and Mattel Inc. Squeezed by giants Amazon.com and Walmart, and hobbled by $5 billion in debt, the retailer that once dominated toy sales in the USA filed for bankruptcy protection back in September.

"To our loyal customers: We've seen an awesome outpouring of love and support in recent days and we truly appreciate it", the company tweeted Friday.

"From product expertise to in-store events, independent retailers are connected to their customers and their community in ways unmatched by online or mass market", said Kimberly Mosley, President of the American Specialty Toy Retailing Association, in a news release about the survey.