Toys ‘R’ Us Inc. is telling employees Wednesday that it will likely sell or close all its U.S. stores, according to The Wall Street Journal.
Toys ‘R’ Us has about 800 stores in the U.S. and employs about 33,000 Americans.
In January, it announced it was closing 180 additional stores on top of a series of shutdowns that took place last year.
Store closing sales are set to begin in February with the majority of stores ceasing operations by mid-April.
The retail chain has failed to find a buyer or reach a deal to restructure its debt, Bloomberg reported. Those issues, coupled with disappointing holiday sales, means liquidation of all stores is a strong possibility. The report cites anonymous sources close to the company.