Toys ‘R’ Us mascot Geoffrey Giraffe was first known as Dr. G. Raffe. Toys ‘R’ Us is a U.S. company headquartered in Wayne, New Jersey. It recently filed for Chapter 11 bankruptcy and announced plans to shut all 800 of its U.S. stores. Courtesy artwork
All 800 Toys ‘R’ Us stores in the United States are closing, including a store in Corpus Christi that opened to great fanfare in 1986. The company has been in business for 70 years.
Anyone holding on to a Toys ‘R’ Us gift card has another 30 days to use it before it could become invalid, said a spokesperson for the company. That also includes cards for Babies ‘R’ Us, which is part of the Toys ‘R’ Us family.
Employees have another 60 days on the payroll, as required by law, but stores could begin shutting down sooner. The company filed for Chapter 11 bankruptcy last year, announcing it was struggling to pay billions in debt.
“The stark reality is that (Toys ‘R’ Us’) is projected to run out of cash in the U.S. in May 2018,” read a recent court filing by the company.
Expect liquidation sales soon at all the stores, though be aware that these sales are final. Toys ‘R’ Us will not offer returns.
The giant toy chain is for sale and could still be salvaged, at least in part. MGA Entertainment submitted a bid to purchase the company’s Canadian assets, which includes 82 stores. That could also include 400 of the top-producing U.S. stores.
