Toys R Us is going out of business, closing all stores

According to reports Toys ‘R Us could go out of business this week

Toys R Us filed for chapter 11 bankruptcy back in September, hoping to restructure the company and come back stronger than ever, but now according to multiple reports, the company is filing for Chapter 7 bankruptcy - liquidation.

Liquidation would mean the closure of all the chain's stores, including locations in Springfield, Auburn, Everett, Saugus, Braintree, Peabody and Woburn. Fifteen locations in NY were on the list of planned closures, including a Babies R Us in Latham and a Toys R Us in Glens Falls, which were to start in February and continue through mid-April. The company could close its stores as early as next week.

The bleak situation lends evidence to the notion that Toys R Us is moving toward winding down its USA operations for good. The chain has struggled to compete on price against giants like Amazon, Target and Walmart, which sell toys, but small Bay Area toy stores have also held their own by offering carefully curated selections and staff expertise.

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But industry insiders say that without a dedicated toy retailer pushing the segment year-round and not just at Christmas, toy makers will have trouble introducing new products instead of the old standbys. In a tweet last week, Toys R' Us said they've seen an wonderful outpouring of love and they are still open for business. Rhode Island's Hasbro has its board games manufactured by Cartamundi in East Longmeadow. Now Toys "R" Us and other category killers like the now-defunct Sports Authority, Borders and Circuit City, are being upended by online retailers.

The struggles of Toys R Us have taken a toll on the two largest USA toymakers, Hasbro and Mattel.

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