Toys R USA informed employees Wednesday that they will most likely close or sell all of its 800 remaining stores across the U.S.
"It's a dissapointment to see those stores close that really are kind of iconic in American retail", said Saginaw Township's Director of Community Development Steve King. There are now nine Toy "R" Us locations in CT. There are no refunds for cash value on any gift cards.
"This past holiday season, buoyed by fresh debt financing, Toys R Us gave an "all clear" to consumers, selling toys and gift cards as part of normal operations".
The company is gearing up for liquidation and will be shutting it's doors. It is expected to close its United States stores for good as soon as this week.
Although articles speculated that Toys R Us gift cards might soon become worthless in the United States, and UK outlets have stopped accepting them, no definitive information about their future is yet available.
One lawmaker is hoping Toys R Us will take the unusual step of redeeming gift cards for cash. He also wrote a letter to Maureen Ohlhausen, acting chairwoman of the Federal Trade Commission, asking the FTC to make sure the retailer is doing everything it can to honor the gift cards.
"You know Jeffery the giraffe and it was a magical time every time you came to toy r us and it's no longer it's kind of sad", said customer Jamaly Rios. Customers will be able to shop on the retailer's website for the time being, too.