Toys 'R' Us likely to sell or close all United States stores

Toys 'R' Us likely to sell or close all United States stores

Toys 'R' Us likely to sell or close all United States stores

Meanwhile, the United Kingdom branch of Toys "R" Us announced Tuesday it would shutter all 75 locations in the country, and U.S. CEO David Brandon told the company's workers that it plans to file liquidation papers Wednesday evening and sell or close all its U.S. locations, according to the Wall Street Journal.

In January, Toys R Us announced it would also close 180 stores in the U.S.in the coming months. If that happens, customers would be left holding worthless gift cards bought just months ago during the holiday season, when Toys R Us assured consumers their purchases were safe, Schumer said.

Toys R Us filed for bankruptcy in September, saddled with a $5 million debt load.

Schumer is asking the FTC to take an "immediate look" at the company to ensure no laws are being violated as a rumored liquidation process ensues, and to make sure consumers have time to get cash back for unused gift cards.

Toys "R" Us Canada said it is operating as usual, repeating the message it gave last week when it was reported that Toys "R" Us would liquidate its USA operations after filing for bankruptcy. "However, it appears the music is about to stop for the iconic retailer and consumers could be left in the lurch when it comes to the loss of a whole lot of money in unspent gift cards". It would be a sad toy story if those same consumers got gamed by a Toys R Us closure and left holding useless gift cards that were meant to bring a smile to the face of a child.

Schumer said it's "critical" for the FTC to determine how many gift cards are out there.

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