Published: Sat, March 17, 2018
World News | By Laverne Osborne

Toys R Us preparing for liquidation

Toys R Us preparing for liquidation

That's because of the Toys R Us store closings that we've been telling you about.

Toys R Us has been honoring gift cards since it filed for Chapter 11 bankruptcy in September.

"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.

Toys R Us hasn't fixed a date to its shutdown of its 735 USA stores. In the coming days, stores will be posting store closing sales.

There are no guarantees you'll be able to recover the full value if and when the company declares bankruptcy. Now, there are reports that the company is in the process of drafting a liquidation plan.

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One lawmaker is hoping Toys R Us will take the unusual step of redeeming gift cards for cash.

He said the company, after receiving new debt financing before the holiday shopping season, gave consumers the confidence to buy gift cards from Toys R Us.

When national book store chain Borders when bankrupt and closed its stores in 2011, a staggering $210 in gift cards went down the drain.

The message is clear now: 30 days.

"Use those gift cards ASAP", the Better Business Bureau said on its website. But Toys R Us won't be around much longer and Schumer warned that gift card holders are at risk. "Consumers deserve the chance to turn their Toys R Us gift cards into cash before it is too late and the FTC can help ensure any laws to help this happen are being followed in real time".

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