According to employees, Toys ‘R’ Us selling or closing all U.S. stores

According to employees of the financially strapped toy chain, Toys “R” Us will be closing all of its stores and liquidating. According to the Washington Post the closure will be affecting as many as 33,000 jobs.

Senator Chuck Schumer has concerns that customers who own gift cards will not be able to use them and issued a statement.

“With the entire Toys R Us operation at risk of shutting its doors for good, I am urging the company to redeem outstanding gift cards for cash so they are not as worthless and unwanted as a lump of coal in a stocking. This past holiday season, buoyed by fresh debt financing, Toys R Us gave an ‘all clear’ to consumers, selling toys and gift cards as part of normal operations. However, it appears the music is about to stop for the iconic retailer and consumers could be left in the lurch when it comes to the loss of a whole lot of money in unspent gift cards. It would be a sad toy story if those same consumers got gamed by a Toys R Us closure and left holding useless gift cards that were intended to bring a smile to the face of a child. That is why it is critical for the FTC to take an immediate look at how the company is handling this unique situation and determine just how many gift cards are out there. Consumers deserve the chance to turn their Toys R Us gift cards into cash before it is too late and the FTC can help ensure any laws to help this happen are being followed in real time.”