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.
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The company had been working to restructure its debt – nearly $5 billion worth – according to a story from Bloomberg News.
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.
LONDON, ENGLAND - FEBRUARY 19: Closing down signs sit on the window of Toys R Us in New Kent Road on February 19, 2018 in London, England. The toy retailer which employs 3,000 people faces going into administration if it is unable to pay a $15M VAT bill by the end of this month. (Photo by Jack Taylor/Getty Images)
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