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.
Only two weeks ago, the company was said to be getting ready to close 200 more stores across the country.
Workers at the store on Harry L Drive in Johnson City haven't been told what to expect about the future of that location.
The bleak situation lends evidence to the notion that Toys "R" Us is moving toward winding down its USA operations for good.
For both past and present 'Toys "R" Us Kids, ' the news is devastating enough, but at the end of the day, parents will still be able to purchase toys at other retailers both in-store and online. Shares of those companies fell on Friday after Bloomberg reported about the possible liquidation, then dipped again on Tuesday.
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In recent years, the toy retail giant has been losing tons of its customers to places like Amazon, Walmart and Target.
The company has failed to find a buyer or reach a debt restructuring deal with lenders, leaving it with few options, people familiar with the situation said at the time.
"To our loyal customers: We've seen an incredible outpouring of love and support in recent days and we truly appreciate it", the company tweeted Friday. The toy stores could be closing its doors as soon as next week.
A survey of about 850 independent retailers by the firm Advocates for Independent Business found that small retailers believe their "smaller size and greater understanding of their local markets" makes them more nimble than chains like Toys R Us and better at responding to shifts in the retail industry.