Bankrupt Toys ‘R’ Us is preparing to liquidate its American stores and operations after failing in its efforts to find a buyer or a way to restructure its debt deal.
Although its still being described as a fluid situation, shuttering the US division of the famed toy seller is said to be increasingly likely, because hopes are fading that the company will be able to find a buyer or that money lenders will agree to debt restructuring terms, sources told Bloomberg.
In January, Toys ‘R’ Us revealed that it intended to close 184 locations.
The decision about how many additional stores it will liquidate could come on Monday, following a bankruptcy hearing in Richmond, Virginia, sources told the Wall Street Journal.
Toys ‘R’ Us went into bankruptcy in September, receiving a new $3.1billion loan as part of its effort to turn its prospects around, but a lackluster holiday season failed to inspire confidence in the toy company’s viability.
