(RNN) – Generations of Toys R Us kids didn’t wanted to grow up, as the toy store chain’s jingle went.
But they always did. And eventually a generation came of age in a world where you didn’t need to go to a store to buy toys.
Now, the iconic retailer is all but certain to close up shop.
Multiple outlets reported on Wednesday the company has told its 33,000 employees it will sell or close all of its U.S. stores. A spokeswoman told The Record of Bergen County, in New Jersey, that COE Dave Brandon told employees it was a “sad day.”
The company filed for bankruptcy six months ago. It had long been in financial trouble.
A private equity consortium led by KKR Group and including Bain Capital made a leveraged purchase of Toys R Us in 2005, and the company struggled under the debt used for the buyout.
On top of that the retailer struggled to match competitors such as Amazon, who became significant players in the toy market as more and more sales moved online.
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