Reuters News Service
Toys R Us told employees Wednesday that it is planning to sell or close all of its U.S. stores, and that it will file liquidation papers this evening in advance of a court hearing scheduled for Thursday afternoon.
The company confirmed a Wall Street Journal report that Chief Executive Dave Brandon had shared the news with employees in a conference call. A spokeswoman for Toys R Us told The Record that Brandon told employees it was a sad day and that customers and others would be sad to see the brand disappear.
The decision to liquidate the company might not be the final chapter if a buyer surfaces who wants to buy some of the stores and operate them as an ongoing business. Many in the toy business believe there is room for a smaller version of Toys R Us.
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