Toys R Us filed for bankruptcy, so, now what? Do I save my gift cards? Will it be open during the holidays?
The good news is, the company says it will remain open and hopefully come out bigger and better in the end.
For many, it’s become a staple during the holiday season. Alyssia Piper and Aryan Coulter have fond memories from their childhood. The couple were shopping at the Grand Rapids store Tuesday afternoon. "It was a huge candy store for me. Now, it's totally different because we’re having a baby," says Alyssia.
“Coming here as a kid was like a wonderland. Riding bikes and skateboards, the toy cars," says Coulter.
Over the past 50 years, the company grew into the biggest toy store in the country. But, lately, it’s been in financial trouble. On Monday, Sept. 18, the company filed for chapter 11 bankruptcy protection.
In its court filing, the company says it plans to close some of the underperforming stores, while revamping some of the others to make them more interactive. On its website, the company said, "At Toys' R' Us we are undertaking a financial restructuring to ensure the iconic Toys 'R' Us and Babies 'R' Us brands live on for many generations."
Aryan says, "I hope it sticks around. It’s been here forever. I hope my kid gets to experience it."
As for the issue of gift cards. If you have one, the company says, “We expect to continue honoring return policies, warranties, gift cards and layaway programs. Customers should expect our loyalty programs, including Rewards 'R' Us, the Toys 'R' Us Wish List, Geoffrey’s Birthday Club and the Babies 'R' Us Registry in the U.S., to continue as normal in their current forms.”
In the past, retailers in bankruptcy proceedings have not been able to honor gift cards. So, it's up to you if you want to hold on to it or perhaps, use it now.
For more information, go here.
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