Toys “R” Us Shuttering All Stores

Toys “R” Us (Wayne, N.J.) announced that it will be closing all of its U.S. and U.K. stores.

According to The New York Times, the company has struggled to compete with other internet retailers and was saddled with $5 billion debt from a leveraged buyout in 2005 that, among other things, contributed to the decision to shutter both businesses.

Liquidation sales will begin taking place over the next few months at its U.S. Toys “R” Us and Babies “R” Us stores, which number approximately 880 total.

The move follows a Chapter 11 bankruptcy filing last September and an announcement in January that it was closing 182 unprofitable U.S. stores.