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. Toys R Us in January had announced it was going to shut down 182 locations, including five in upstate NY. The company filed for bankruptcy protection less than six ago.
"To our loyal customers: We've seen an fantastic outpouring of love and support in recent days and we truly appreciate it", the company tweeted Friday.
For both past and present 'Toys "R" Us Kids, ' the news is devastating enough, but at the end of the day, parents will still be able to purchase toys at other retailers both in-store and online.
The chain had already announced the shutdown of a Babies "R" Us location in the Holyoke Mall.More news: AAP, Cong bury hatchet to stop sealings
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The retailer is expected to announce this week that it's liquidating its entire USA operation, going out of business, and closing all of its 620 remaining stores.
A spokesperson said in January that Toys R Us stores average 25 full-time and part-time employees per store, which means close to 700 jobs could be lost in the area if Toys R Us shuts down the nine stores previously slated for closure and the remaining 19 stores.
Although Toys "R" Us first filed for bankruptcy back in September of previous year, it wasn't until after the holiday season that the company's true struggle became apparent. The chain has struggled to compete on price against giants like Amazon, Target and Walmart, which sell toys, but small Bay Area toy stores have also held their own by offering carefully curated selections and staff expertise.