Toy retailer, Toys-R-Us, is reportedly making plans to liquidate USA operations and close stores.
The New Jersey-based toy chain entered bankruptcy in September, planning to emerge with a leaner business model and more manageable debt, The Los Angeles Times reported. That announcement came not long after the company said 184 USA stores would be closed. Officials have failed to find a buyer or reach a new debt financing deal with its lenders.
Store closures represent about one fifth of retail giant's locations; Toys R Us hopes to restructure and recover from a bankruptcy filing.
The company was founded in 1948 and it grew into the largest USA toy chain. If the retailer goes under, places like Amazon or big box stores like Walmart and Target will likely pick up those larger toy makers, but the smaller manufacturers could be abandoned, according to CNBC.
The locations set to close, which include Babies R Us, range from cities in NY and New Jersey to California. The interest payments-$400 million a year-left the company weak and ripe for toppling. Over the decades, it grew into the largest USA toy chain.
The retailer said in January it would shut about a fifth of its USA stores as it tries to emerge from one of the largest ever bankruptcies by a specialty retailer.
The rumors affected toy companies in the stock market on Friday; shares for Hasbro fell by 3.5 percent and 7 percent for Mattel, CNN Money reports.
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