NEW YORK — Toys “R” Us is closing its doors after 70 years in business.
That’s according to a toy industry analyst who spoke to several employees who were on the call Wednesday.
Jim Silver, a toy industry expert, says Toys R Us’s CEO told employees the plan is to liquidate all of its U.S. stores and after that, it could do a deal with its Canadian operation to run some of its U.S. stores.
The company declined to comment.
The chain filed for Chapter 11 bankruptcy protection last fall, saddled with debt that hurt its attempts to compete.
It pledged then to stay open, but had weak sales during the critical holiday season. In January it announced plans to close about 180 stores.