"I am very disappointed with the result, but we no longer have the financial support to continue the company's USA operations", said Dave Brandon, chairman and chief executive officer of Toys R Us. The bankrupt toy retailer has laid out plans to close all of its 735 stores after recording weak sales and failing to find a corporate buyer.
Toys R Us will be closing or selling all of its United States stores after filing a motion to liquidate its USA business on March 15.
If you haven't heard by now, I'm sorry I have to be the one to break it to you, but Toys R Us is going out of business. The company is trying to salvage 200 of its top-performing locations, as part of a deal to sell off its Canadian unit in bankruptcy, but there is no guarantee a deal will come.
Claire's is another retail giant to fall victim to lagging sales and mounting debt.
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Target, Walmart, Amazon and others are also poised to take on new toy sales as Toys R Us closes stores.
Strategic Marks, which owns the KB Toys name and brand, announced that it plans to open 1,000 pop-up KB Toys shops this year for Black Friday and the holiday season, according to CNNMoney. All sales will be final on purchases during the liquidation process.
Simon Thomas, joint administrator and partner at Moorfields, said: "It is with great regret that we have made the hard decision to make 98 people redundant at the company's distribution centre in Coventry".
The closure of these stores marks a concerning time for retailers, with the rise of online retailers taking over a large portion of business.