Following months of financial woes, Toys R Us has decided to finally call it a day after remaining in business for around six decades.
According to an announcement made by NPR earlier today, reliable sources close to the matter have confirmed that the company will be either selling or closing all of its stores in the United States. In either case, the event will mark the end for the once retailing giant.
There is no word on when the shuttering will actually take place because Toys R Us is yet to publicly file for liquidation. However, a press release to validate the process is expected to be sent out very soon.
The decision to completely shut down in the United States comes on the backs of closure in the United Kingdom, and around six months after Toys R Us filed for bankruptcy. It is estimated that around 33,000 jobs will be affected after the company winds down all 800 stores in the United States, not including the 100 stores in the United Kingdom.
Toys R Us was founded in 1948 and went on to become one of the preeminent toy retailers in the country. It remained as the only destination for children (and adults) to purchase the latest toys, action figures, video games, and such, for generations.
Unfortunately, the advancing digital age made it difficult for the company to compete against online rivals such as Amazon and Walmart. The passage of time only resulted in the surfacing of additional outlets across the country, all of which offered the same (if not a more hefty) inventory. In addition to losing market share over the years, Toys R Us also had to deal with nearly $8 billion in debt in the past decade.