Toys R Us is preparing to potentially close all of its United States stores after weak holiday sales thwarted its plans to restructure the business through bankruptcy proceedings, according to several media reports.
In filing for bankruptcy protection ahead of the 2017 holiday season, Toys R Us said it wasn't planning on closing any stores at the time and instead hoped to open more smaller locations across the country.
"No toy company will be spared entirely in the seemingly likely liquidation of Toys "R" Us", she said.More news: Charlize Theron's mom is her weed supplier
The retailer entered bankruptcy previous year with $5 billion in debt.
The retailer's attorneys echoed the message in bankruptcy in court, saying in essence that the world needed Toys R Us as the last remaining toy showroom.
The liquidation will be a big blow for the toy industry, as the chain makes up about 15 percent of U.S. toy revenue. But now Toys R Us is evaluating bids to liquidate the remainder of its USA locations.
Toys R Us closed its flagship store in Manhattan's Times Square, a huge tourist destination, about two years ago.More news: Should Daylight Saving Time be eliminated?
Krystina McNamara looks forward to driving over an hour into Grand Rapids, to bring her daughter to Toys R Us.
Now, sources say the company could go out of business because it is running out of cash and can't get anyone to help.More news: Russia's foes will 'be served poison' - Putin
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