Toys 'R' Us likely to sell or close all U.S. stores
Struggling Toys “R” Us reportedly told its workers Wednesday it’ll sell or close all its U.S. stores — and Sen. Chuck Schumer is pressing federal regulators to let customers turn in unspent gift cards before that happens.
According to the Wall Street Journal, the collapse threatens up to 33,000 jobs; the iconic toy retailer has more than 700 stores in the U.S.
The chain filed for bankruptcy protection in September.
Schumer, New York’s senior senator, sent a letter to the Federal Trade Commission to make sure the N.J.-headquartered company follows all the laws as it begins to liquidate.
“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,” Schumer said in a statement.
Despite its financial struggles, the store “gave an ‘all clear’ to consumers, selling toys and gift cards as part of normal operations” during the most recent holiday season, Schumer said.