The time has come for Toys ‘R’ Us to give up the fight and close their doors. The company announced that it will file liquidation papers Wednesday evening in advance for a court hearing that will take place on Thursday. The closures will effect about 33,000 jobs.
The company confirmed the Wall Street Journal report that Chief Executive Dave Brandon told the news to employees on a conference call. A spokeswoman for Toys ‘R’ Us said Brandon told employees it was a sad day and that customers and others would be sad to see the brand disappear.
Despite the decision to liquidate, there is still a slim chance that somebody could step in to buy some of the stores and operate them. One of the groups in the running is one of the company’s creditors, MGA Entertainment. They have expressed an interest in buying the company’s Canadian stores, and as many as 400 of its U.S. stores. We will continue to update this story as new detail emerge.
Related: The End is closer for Toys ‘R’ Us