Toy Retailer Closing all 800 Stores, Including Cedar Rapids
What's been talked about for months, is now official: After 60 years, Toys "R" Us is going out of business.
After filing Chapter 11 bankruptcy, the chain previously reported it would close some of its stores, but keep others open.
It appears that is no longer the case. They've been unable to pay suppliers or pay down an $8 billion debt, and have now announced every single one of their stores across the United States will be phased out over a period of time, putting 33,000 people out of work.
The company will also close all 100 of its stores in the United Kingdom.