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