Toys "R" Us will close all its stores in the United States after a worse than expected holiday season and the collapse of a restructuring plan, the Wall Street Journal is reporting.
The retailer, which filed for Chapter 11 bankruptcy in 2017, has plans to liquidate its U.S. holdings after abandoning plans to restructure the company, The Journal reported, citing sources close to the matter.
In February the company announced plans to close 200 stores. That announcement came not long after the company said 184 U.S. stores would be closed.
The company had been working to restructure its debt – nearly $5 billion worth – according to a story from Bloomberg News.
TRENDING NOW:
- Thousands of eggs, embryos possibly damaged at Ohio hospital
- Waffle House employee helps elderly man cut up his food
- Mother can't stop mold from growing in apartment, hurting son
- VIDEO: Child's body found at Amber Alert suspect's home, police say
Citing a source who asked not to be named, Bloomberg reported that the search for a buyer for the company had not been successful.
Both stories point out that the situation could change, and the option to close the properties in the United States is only one proposed plan.
Reuters reported that talks to restructure the company were continuing, and that other options were still being explored.