It's really tough to accept, but America's malls and big box stores are dying off. Over the last couple of years, many of our beloved stores, like Sears, have shut down hundreds of their locations because of the shift to online shopping.
Merchants like Amazon, Costco and Walmart are offering customers the option to shop online with competitive prices and a promise to get their purchases delivered in as little as a few hours.
Last September, it was reported that Toys "R" Us was affected by the "mall decline" and was struggling financially. Fans of the store were shocked to learn that the popular baby and toy retailer was considering filing for bankruptcy after suppliers tightened their terms ahead of the holiday season.
It was revealed that despite being a popular destination for toys and baby gear with more than 1,600 stores worldwide, Toys "R" Us amassed a debt that totaled around $5 billion.
A few months later, in January, the company announced its plans to close 182 under performing stores across the country. The closures were supposed to take place between February and April, but it looks like it wasn't a good enough plan to keep them floating.
While companies like Payless ShoeSource have managed to come out on top after filing for bankruptcy, Toys "R" Us has met a completely different fate. They're closing all of their locations in the U.S. and the U.K.
The company made the official announcement on March 15, and there are a few important things you will want to know, especially if you've collected loyalty points or have a gift card.
In a bankruptcy filing, Toys "R" Us revealed that all stores are scheduled to shut their doors in April.
This also means that they will be liquidating all of their stock, so if you'd like to score toys and baby items for a steal, now's the time to do so.
Although no date has been set, bankruptcy lawyer and managing partner at Kozyak Tropin and Throckmorton said that the closing sales will likely begin in a few weeks.
"Toys R Us is not going to want to drag this out," Lopez-Castro told Business Insider.
If you have a gift card or collect loyalty-based "rewards dollars" and "endless earnings," the amounts will expire in 30 days, so make sure to redeem them as soon as possible.
You should be able to use them to make purchases online and in-store.
While many of us are just sad to witness the end of an era, there are more than 30,000 people who will be losing their livelihoods when Toys "R" Us leaves.
At the moment, it's unclear what the company will be doing to make the blow easier on its employees. Since "it's highly unlikely that there will be any meaningful piece of the business that remains," after the liquidation, there's a very small chance that they will be able to give their staff severance pay.
More details will be released in the coming days or weeks, so stay tuned.
Are you sad to see Toys "R" Us close? Share your thoughts in the comments!