It's a sad day for Toys R Us kids across the country. The iconic Wayne, New Jersey-based toy retailer told employees Wednesday that it will close or sell all of its roughly 800 U.S. stores, according to a Wall Street Journal report.

USA Today adds that Toys R Us may survive in some form if a buyer comes forward to take over a portion of the stores.

Toys R Us closing soon: What you need to know

Toys R Us filed for bankruptcy protection in September 2017, before the Black Friday holiday shopping season began. It then announced plans in January 2018 to close about 180 locations.

The company planned to file liquidation papers Wednesday night ahead of a bankruptcy court hearing on Thursday, according to the WSJ.

When reports began to surface last week that a liquidation was likely, Toys R Us sent out the following tweet to thank loyal customers for their “outpouring of love and support.”

The WSJ reports that up to 33,000 jobs could be lost in the coming months as a result of the 70-year-old retailer’s demise.

Clark's bottom line: Money expert Clark Howard has been urging people to avoid buying gift cards to struggling retailers. If you have a Toys R Us gift card, go online and use it before it becomes worthless!

Stay with Clark.com for updates on this developing story. Share your Toys R Us memories in the comments below!