Toys R Us to announce closure of stores nationwide, according to report

Mattel Inc

Toys R Us filed for chapter 11 bankruptcy back in September, hoping to restructure the company and come back stronger than ever, but now according to multiple reports, the company is filing for Chapter 7 bankruptcy - liquidation.

The Latham store will close by the end of the month and has launched a closing sale, an employee at the store said.

But industry insiders say that without a dedicated toy retailer pushing the segment year-round and not just at Christmas, toy makers will have trouble introducing new products instead of the old standbys.

Stores in San Jose, Emeryville, Pittsburg, Pinole, Brentwood, Union City, Fairfield and San Rafael were already on the chopping block as part of that move.

Toys "R" Us in Wilmington was not able to comment on if or when their store would close, and the manager referred WECT to contact their corporate media relations.

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Toys R Us has not spoken publicly about closing all its USA stores, and a spokeswoman declined to comment on that possibility.

The rumors of liquidation are still unconfirmed but anonymous sources have given confirmation to several news organizations like USA Today, and The Wall Street Journal.

That debt became impossible for Toys "R" Us to manage as consumer spending shifted to online retailers like Amazon and to big box department stores like Target and Walmart.

The struggles of Toys "R" Us have taken a toll on the two largest toymakers, Hasbro Inc. and Mattel Inc.

"To our loyal customers: We've seen an unbelievable outpouring of love and support in recent days and we truly appreciate it", the company tweeted Friday.