Toys "R" Us stores will disappear from Britain's shopping streets within six weeks, joint administrators for the retailer said on Wednesday, announcing plans to close the group's remaining 75 shops.
The news comes just days after Bloomberg News reported that the one-time toy selling giant had been unable to find a buyer in bankruptcy court or restructure its debt, and that it was preparing to liquidate its USA business.
Moorfields said 25 stores, earmarked for closure before the failure, were due to be shut by close of business on Thursday and the rest would follow at the end of a closing down sale to get rid of existing stock.
Much like other retailers, Toys "R" Us has also been bruised by competition from Amazon and other online retailers.
But in six weeks time these shops will no longer exist because all 100 United Kingdom stores are closing down.
Nicole Hayes, a spokeswomen for Toys "R" Us, declined to comment to FOX Business regarding the possible liquidation but multiple reports have been swirling for several weeks that plans are in the works.
Wednesday's news could affect up to 33,000 jobs with the company. We'll keep you posted on any new details.
Toys R Us, which is likely to liquidate its stores, traces its origins back 70 years to a single baby furniture store.
The footwear maker and retailer Aerosoles closed 30 stores in 2016 but still had 78 operational USA locations last fall, when it filed for bankruptcy.
Today, they confirmed that no buyer was found and that a total of 67 redundancies were made at Toys R Us' UK head office in Maidenhead.
The closure comes after Toys R Us struggled to find £15m to cover an outstanding tax bill.
-1978: Toys R Us becomes a public company. But what that does mean is that the country will soon be littered with giant, vacant, blue and yellow Toys "R" Us superstores to remind us all of the emptiness of consumerism.