Toys 'R' Us to close 20 percent of US stores

Toys 'R' Us to close 20 percent of US stores
Posted at 6:27 AM, Jan 24, 2018
and last updated 2018-01-24 01:30:59-05

(CNN) – Following a declaration of bankruptcy in September, Toys ‘R’ Us plans to close as many as 182 outlets across the country in early 2018.

Lawyers for the retailer say shutting down the stores is due to increased market competition and sales hurt by online shopping.

Court approval is needed for the closures, which CEO Dave Brandon says would begin in early February with most scheduled to be completed by mid-April 2018.

Several other stores will be converted into co-branded Toys ‘R’ Us and Babies ‘R’ Us outlets, Brandon says.

There are currently about 1,600 Toys ‘R’ Us stores in the world, about half of which are in the United States.

Locations outside the US will not be affected.

Copyright 2018 CNN. All rights reserved. Raycom News Network contributed to this report.