Toys "R" Us has informed employees of their plans to sell or close all of its United States stores, reports NPR. The toy chain has reportedly filed for liquidation after being unable to emerge from Chapter 11 Bankruptcy which it entered to in September 2017.
According to recent documents, Toys "R" Us employs over 30,000 people in the U.S. Earlier this week the company confirmed plans to close all of its United Kingdom-based stores.
In 2017, Toys "R" US accounted for roughly one-fifth of U.S. toy sales according to Jefferies analyst Stephanie Wissink, but has faced higher competition from Walmart, Amazon, and Target. Toys "R" Us reportedly owes $5 billion in debt, with its biggest unsecured creditors being Mattel ($135 million) and Hasbro ($59m).