It's really tough to accept, but America's malls and big box stores are dying off. Over the last couple of years, many of our beloved stores, like Sears, have shut down hundreds of their locations because of the shift to online shopping.
Merchants like Amazon, Costco and Walmart are offering customers the option to shop online with competitive prices and a promise to get their purchases delivered in as little as a few hours.
Last September, it was reported that Toys "R" Us was affected by the "mall decline" and was struggling financially. Fans of the store were shocked to learn that the popular baby and toy retailer was considering filing for bankruptcy after suppliers tightened their terms ahead of the holiday season.
It was revealed that despite being a popular destination for toys and baby gear with more than 1,600 stores worldwide, Toys "R" Us amassed a debt that totaled around $5 billion.
A few months later, in January, the company announced its plans to close 182 under performing stores across the country. The closures were supposed to take place between February and April, but it looks like it wasn't a good enough plan to keep them floating.
While companies like Payless ShoeSource have managed to come out on top after filing for bankruptcy, Toys "R" Us has met a completely different fate. They're closing all of their locations in the U.S. and the U.K.
The company made the official announcement on March 15, and there are a few important things you will want to know, especially if you've collected loyalty points or have a gift card.