Toys R Us is planning to close all 800 of its U.S. stores six months after filing for bankruptcy. The Wayne, New Jersey based company has been in business for 70 years. As many as 33-thousand jobs across the country will be affected by the move. In 2005, a leveraged buyout led to issues paying down eight-billion-dollars in debt. Competition from online retailers such as Amazon also proved to be too much to overcome.
Meanwhile one New York lawmaker is calling on Toys R Us to redeem gift-cards that may soon be useless for cash. Senator Chuck Schumer wants the Federal Trade Commission to investigate the company's actions. He says the FTC can figure out how many unredeemed gift cards are in circulation. Schumer says the company operated as if it was business as usual during this past holiday season, selling gift cards as they normally would. He went on to say "the music is about to stop" for the iconic retailer, leaving consumers in the lurch.