Chances are good that you went to Toys R Us at least once when you were growing up. The chain of toy stores was once the place to go for kids dreaming of Nerf Guns, lego sets, and video games. However, the company has been facing financial trouble lately, forcing it to declare Chapter 11 bankruptcy. As part of those proceedings, Toys R Us announced this week that it’ll be closing up to 182 stores.
This does not mean that the company is going out of business altogether, though. The store closures are a necessary part of its plan to rebound from its financial woes and to rebrand itself as a smaller and more strategic retailer.
There will still be hundreds of Toys R Us locations left across the United States after the closures, as well. And there’s a chance that not all 182 stores will shutter, if the company can successfully renegotiate its leases. But most of them are expected to close.
Toys R Us declared bankruptcy back in September 2017, as a result of several straight years of losses. The company has not turned a profit since 2013, and as a result it needed the bankruptcy restructuring in order to deal with $ 5 billion in outstanding debt.
You can check out the list of stores scheduled to close here. California has the most locations shuttering, followed by New Jersey and New York.