If you have a gift card for Toys R Us or Babies R Us, you have 30 days to use it.
As Toys "R" Us collapses and plans to liquidate its remaining 800 stores in the USA, the company filed layoff notices for more than 1,600 employees in New Jersey.
This affects both Toys "R" Us and Babies "R" Us stores.
But Brandon told employees its sales performance during the holiday season was "devastating", as nervous customers and vendors shied away.
The retailer is also hoping to find a buyer for its website, as well as some of its more successful USA locations.
Stores will honor gift cards for the next 30 days, but it's unclear what will come next.
The toy store chain filed for bankruptcy a year ago.
Most damaging, however, was competition from competitors including Target, Walmart, and Amazon, all of which priced toys at extremely low profit margins or below cost to draw customers, the filing says.More news: Irrepressible Ronaldo strikes twice as Real beat Eibar
"This confluence of events was a ideal storm", Toys R Us said. Other chains, seeing that Toys R Us was vulnerable, got more aggressive. It's already shuttering its business in the United Kingdom.
The company's troubles have affected toy makers Mattel and Hasbro, which are big suppliers to the chain. And Sharper Image, which also shut its stores, now sells gadgets online and opened a NY pop-up shop during the holidays past year.
As the company adjusted its reorganization plans, Brandon said it had chose to drop the baby business because it had been doing poorly in recent years. In the 1990s, it was the biggest toy seller in the United States, expanding rapidly as it pushed out smaller chains.
Amazon is winning over people ditching stores to shop online for toys - in December 2016, 14.7% of parents with children under 9 said they went online to purchase toys, versus 7.3% in 2011, a report by Coresight Research found.
According to a report from The Record in Bergen County, N.J., the websites, including Babies R Us registries, will stay up and operating for now in the hopes that someone will buy them. FAO Schwarz, which Toys R Us once owned, is opening shops inside department stores in the USA and China. Toys R Us blamed its "old technology" for not offering its own subscriptions.
These high payments prevented the chain from making the changes necessary to compete, like improving the in-store experience and beefing up e-commerce in the age of Amazon, the company said in the filing. So landlords could struggle to replace them with tenants at similar rates - or worse, they could remain vacant, she says.
At its heyday, Toys R Us had a towering flagship store in New York's Times Square (now closed and home to Old Navy) and a ubiquitous icon, Geoffrey the Giraffe.