5 things you need to know about Toys R Us closing

WAYNE, NJ — Iconic chain Toys R Us is going out of business in the U.S. After filing for bankruptcy last fall, Toys R Us is reportedly working on a plan to liquidate its business entirely.

The toy retailer struggled for years to compete with Walmart and Amazon, accumulating mountains of debt while suffering from poor sales.

In a fight to stay relevant, Toys R Us amassed $5 billion in debt.

The 70-year old nostalgic retailer announced plans Thursday to sell or close all 735 U.S. stores.

Here are the 5 things to keep in mind as the once-beloved holy grail of toy stores begins closing its doors across the country:

  1. The date of closures has yet to be determined.
  2. No returns will be accepted once the liquidation sales begin.
  3. The company says liquidation sales have begun at some locations and will be starting soon at others.
  4. Gift cards, Rewards Dollars, and Babies R Us Endless Earnings will be honored for the next 30 days.
  5. All customer loyalty programs including Rewards R Us, Geoffrey’s Birthday List and the Babies R Us Registry will continue for the time being.