Updated at 7:10 p.m. ET
After decades of being the go-to toy store for many Americans, Toys R Us is officially going out of business. Unable to get its finances in order through a months-long bankruptcy process, the retail chain has reached the end of the line.
Toys R Us has informed employees that the company plans to sell or close all of its U.S. stores, according to a person familiar with the plans who spoke anonymously because the official liquidation filing has not been publicly disclosed yet. The person did not say how long the wind-down will take but said the shutdown will not be immediate.
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