(KLTV) - Toys 'R' Us Inc. told employees that they plan to sell or close all their U.S. stores.
The liquidation would be one of the biggest retail liquidation since Sports Authority closed more than 460 of their stores in 2016, according to the Wall Street Journal. The decision to close the company's remaining 700 stores will affect 33,000 American jobs.
Rumors that Toys 'R' Us would close it stores surfaced last week after they could not find a buyer. According to the Washington Post, the company has struggled with nearly a 8 billion debt.
In September, Toys 'R' Us Inc. filed for bankruptcy protection and has struggled with sales due to competition such as Amazon and Walmart Inc. squeezing them out.
According to the Wall Street Journal, Toys 'R' Us Inc. plans to try and sell its operations in Canada, Central Europe and Asia.