Toys R Us closings: What happens to 31,000 employees, your gift cards?

Now that the news that a childhood staple is closing has sunk in, reality is hitting the thousands of employees of Toys R Us and the customers they served.

CNN reported that employees at many of the stores that remained open after the January announcement of almost 200 store closings thought that their jobs would be safe.

But when the news hit this week, they found out that won’t be the case.

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Currently, the company has about 31,000 workers who will soon be out of a job. But because Toys R Us is declaring bankruptcy, they won’t get all of the benefits a regular layoff would bring.

For example, they will not get a severance package, although they will get health insurance and 401(k) payments matched by the company, CNN Money reported.

Employees should still get 60 days' pay required by federal law, even if they don't work for the full two months. Some workers could be on the job longer as the company shuts down, CNN Money reported.

As the stores begin the process of closing, where will it leave customers, especially ones who may have purchased or received gift cards?

USA Today reported that consumers will have about 30 days to use them.

According to the company's website, the official date of the store closings announcement was March 15, gift cards, rewards dollars, and endless earnings will be able to be used as payment for 30 days following the announcement.

If you have gift cards and are unsure of their current value, you can check the balance here.

Cox Media Group