(RNN) – If you have a gift card for Toys R Us or Babies R Us, you have 30 days to use it.
The toy giant announced Thursday that it was closing all its U.S. stores after entering bankruptcy in September.
In January, Toys R Us announced it would close 182 of its U.S. stores – including Babies R Us - after a disastrous holiday season. The toy giant only made about half of its projected earnings.
Usually, bankrupt companies are not required to honor gift cards, but through the Chapter 11 process, Toys R Us has accepted the cards, and will continue to do so for existing gift cards for the next 30 days.
U.S. Senate Minority Leader Charles Schumer, D-NY, sent a letter to the Federal Trade Commission asking that the agency ensure customers have time to use gift cards that are already purchased.
Schumer also wants customers to be able to exchange their gift cards for cash.
About 30,000 people will lose their jobs when the stores close.
There is also discussion on how an empty big box store affects real estate, and how toy makers can test what toys will be successful.
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. Both have posted lackluster financial results of late, and there was talk last year about the possibility of a merger between them.
Smaller toy companies will likely feel the effects greater than the larger ones. Hasbro and Mattel will turn to Walmart and Target, which have less shelf space than Toys R Us, according to the AP.
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