Toys 'R' Us is liquidating business operations in US

Toys 'R' Us is liquidating business operations in US

Toys R Us is reportedly preparing to liquidate its assets, and it could shutter all of its USA stores as early as Monday.

Media reports say that Toys R Us could close all 880 of its USA stores after failing to find a buyer or reach an agreement with its creditors.

The Toys R Us store on 2661 Miamisburg-Centerville Road is one of the stores on the radar. The company is now saddled with around $5 billion in debt, and it has found it hard to find relief.

Toys R Us dealt with almost $5 billion of debt at that time and announced plans to close over 100 stores in September.

Linens 'N Things Canada, however, was not so lucky, closing down its 40 stores in 2008 when its USA parent was in bankruptcy after failing to find a buyer.

Initially, the Toys "R" Us at the Summit in Birmingham was on the closure list, but the company said later it would remain open.

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While the situation could change, the New Jersey-based retailer in recent days has been making preparations for a liquidation of its bankrupt operations, the Bloomberg report said citing sources.

The announcements follow much speculation within and outside the company that it might not survive its Chapter 11 case as a going concern, or at the very least might close far more stores than the 180 initially announced earlier this year.

The company's massive interest payments also sucked up resources that could have gone toward technology and improving operations.

The locations set to close, which include Babies R Us, range from cities in NY and New Jersey to California. As the future of Toys "R" Us has taken a bleaker turn, publicly traded shares of Hasbro, Mattel, the smaller Jakks Pacific saw significant price drops, and European toy giant Lego just reported its first sales drop in 13 years. The toy industry is no different.

In Sept., Toys R Us announced they were filing for bankruptcy in an effort to restructure their business.

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