It’s the end of an era for Toys R US kids.
The toy company announced on Wednesday that they’re going out of business and closing 800 stores in the U.S., including its Babies R US brand.
The retailer that faced mounting pressure from Walmart and Amazon in the last few years notified employees about its plans to liquidate, according to NPR.
The move comes after a months-long process to find financing to save the business with the hope that some stores would remain open.
On Thursday, the company began the process by filing a motion in U.S. Bankruptcy Court, according to USA Today.
The report states that Toys R US’s lenders “have determined that the best way to maximize their recoveries is to liquidate the existing inventory in all…735 remaining U.S. stores and begin an orderly wind-down of the U.S. operations.”
The company employs roughly 33,000 people and only has enough cash on hand to pay its employees “no fewer than 60 days,” per USA Today.
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Teddy is a multimedia journalist who serves as the culture and political writer for EBONY. His work has appeared in NBC's Owned and Operated stations, as well as DNAInfo, which covered local neighborhood news in New York City. He received his Masters in Journalism from the Craig Newmark School of Journalism at CUNY in 2017.