Toys R Us may not be around for another holiday season. The chain of toy stores might decide to liquidate all its U.S. locations as it battles financial troubles.
citing unnamed sources, reported that it's becoming more and more likely that the toy chain will shut down its U.S. division because the company is having trouble securing a buyer or a way to restructure its debt. Toys R Us in September; a spokesperson for the company declined to comment to the newspaper about the news.
Toys R Us, which represents 15% of U.S. toy revenue, was founded in 1948 as Children's Bargain Town, which originally just sold baby furniture. Since then, it has become the largest toy chain in America, but it has faced steep competition from sites like Amazon in recent years.
But don't check for going-out-of-business sales just yet. According to reports, the situation is still fluid and could change, but it doesn't look good for the toy giant. Back in January, they had announced , and combine other locations into hybrid Toys R Us and Babies R Us stores.
According to the an announcement about the company's future is expected as soon as Monday, when the company will have a bankruptcy hearing. reports that the company would need something close to a "last-second miracle" in the form of an investor or lender to avoid shuttering its stores.