Time to use those Toys R Us gift cards

Shoppers browse in a Toys R Us store on Black Friday Nov. 25 2016 in Miami. Toys R Us the pioneering big box toy retailer announced Sept. 18 2017 it has filed for Chapter 11 bankruptcy protection while continuing with normal business operations

The Wall Street Journal reported that Toys R Us told its employees Wednesday that it will sell or close all USA stores.

Bankrupt retailer Toys R Us is closing its doors.

"To date, Toys R Us has not stated what will happen to the remaining gift card balance for users after liquidation, nor have they indicated that they will provide consumers with an opportunity to trade that balance for a cash value", Schumer wrote.

"The music is about to stop for the iconic retailer", Schumer said in a statement on Wednesday, "and consumers could be left in the lurch".

Toys R Us' next bankruptcy hearing is Thursday.

Industry experts are encouraging cardholders to spend down those gift cards as soon as possible, rather than be stuck with worthless gift cards in their wallets. Now, there are reports that the company is in the process of drafting a liquidation plan.

Almost 700 stores will be closed, according to documents filed early Thursday, March 15, as part of the retailer's bankruptcy.

At least one U.S. Senator is urging the company to redeem outstanding gift cards for cash.

"It's a bit of a luke warm consolation, but that's obviously a very nice shopping center that they're located in", King added of Saginaw Township's Babies R Us store.

Toys R Us have said on their website: "Gift cards and vouchers will be honoured until Sunday, 11 March [2018]". Charles Schumer, D-New York, called on a federal agency to make sure customers have adequate time to get cash back for unused store gift cards. After that, the cards will most likely lose their buying power.

Schumer added that refunding customers should be the retailer's top priority.

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