Toys 'R' Us likely to sell or close all USA stores

Toys R Us says a 'perfect storm' killed the toy chain — and it blames Amazon, Walmart, and Target

Charles Schumer announced Wednesday that he is urging the Federal Trade Commission (FTC) to step in to make sure Toys R Us gift cards are honored as the retailer allegedly liquidates its assets.

The Babies "R" Us at the Holyoke Mall and the Toys "R" Us in Springfield are among the stores that will close.

Customers have 30 days to use any remaining gift cards.

But Toys "R" Us had been accepting gift cards throughout the last six months following its bankruptcy filing in September - and will continue to do so over the next month.

"I am urging Toys "R" Us to give cash back, dollar for dollar, for the gift cards that people bought during this holiday season".

For those who have Toys R Us gift cards, you better use them soon! He says what Schumer is asking for may be a lot easier said than done.

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Boulay said the internet retailers can actually help brick-and-mortar stores by posting pictures of some of the newest products and toys, sometimes bringing customers in to see and touch them.

Schumer said that once the liquidation is complete, gift cards could be "as worthless and unwanted as a lump of coal in a stocking". Customers with gift cards are unsecured creditors, Davidoff explained.

According to the Associated Press, Toys R Us accounts for about 11 percent of Mattel's annual sales and about 9 percent of Hasbro's annual volume, analysts estimate.

If that happens, it's unlikely that customers would receive a cash redemption, Davidoff explained.

"If you buy a gift card from a company that files for bankruptcy or goes out of business, it may be worth less than you had anticipated", Dorman said.

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