Toys R Us also announced that it is pursuing a reorganization and a sale process for its Canadian and worldwide operations in Asia and Central Europe, including Germany, Austria and Switzerland.
Toys R Us will be closing or selling all of its USA stores after filing a motion to liquidate its U.S. business on March 15.
However, just because the company is liquidating itself and filing for bankruptcy doesn't mean there won't be any more Toys R Us stores. The teen jewelry and accessories giant Claire's is another retail giant that has succumbed to financial troubles, declaring bankruptcy and announcing the closure of over 90 stores around the country. They also said that four dozen toy manufacturing companies are against the liquidation, citing that Toys R Us owes them about $450 million. The company is hoping to keep at least 200 open in order to sell its operations in Canada.
"We are grateful for the hard work of Toys R Us staff during this very difficult period". Its downfall had been blamed on a heavy debt load and relentless trends that undercut its business model, from online shopping to mobile games. Toys "R" Us will reportedly be closing a large portion of their stores within the next two months. The sales will start of on the lower end, around 25 percent, with an increase in discount happening in the coming weeks. After that, you risk forfeiting any value on these cards.