OFFICIAL: Toys R Us to close all stores

Toys R US now confirms through an email to employees that the chain will liquidate their remaining US stores. This includes Babies R Us and Toys R Us chains. Liquidation will be complete by July 31st, 2018. Gift cards will be honored for the next 30 days according to an executive via USA Today. The chain also mentioned a possibility of keeping around 200 stores open if a buyer can be found for their Canadian stores along with the 200 US stores.

According to reports from Daily Mail and Forbes, Toys R Us will liquidate their remaining US stores, although nothing has been officially announced by the company as of now.

It has long been rumored that the chain would liquidate after declaring Chapter 11 Bankruptcy in September. Toys R Us's UK division recently went into administrative mode as they wind down operations. Toys R Us might now file for Chapter 7 Bankruptcy, liquidation of assets.

Toys R Us declared bankruptcy in September 2017; which caused toy stocks to tumble. Shares of Hasbro, Mattel, JAKKS Pacific fell after the bankruptcy announcement; as Toys R Us accounts for more than 10% of their business.

Toys R Us was founded in 1948 as a children's furniture store and expanded into children's toys. The chain later created children's clothing store Kids R Us; which was liquidated in 2003. Toys R Us also owns the baby supply chain Babies R Us.

These closures come at a time when Brick and Mortar store continue to shrink to combat the rise of online sales. Other retailers like Walmart, JC Penney, Sears have all closed under performing stores to help return them to profitability. Toys R Us has a Manchester location at the Plaza at Buckland Hills, and their Babies R Us store is also located in Manchester at The Manchester Collection (Bed Bath and Beyond Plaza.)

Images from Flickr, Toys R Us, Melody I.