Toys "R" Us, Inc., toy and baby products chain, was among the America's largest private companies in 2017, with sales of $11.54 billion by fiscal year end 31 January 2017.
The company just recently announced all the stores would close leaving people until April 15 to use the gift cards.
The timetable was disclosed Tuesday at a hearing in U.S. Bankruptcy Court in Richmond, Va.
Under trade agreements, vendors were required to ship goods to Toys "R" Us on unsecured trade credit.
Amazon was a major contributor to the demise of Toys "R" Us.
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KB Toys says its planning a comeback! Larian has said that his group is also doing due diligence on the USA stores, and hopes to keep some of them open. "We believe we will have the infrastructure in-place and [hopefully] save the toy industry".
But, if Amazon did purchase some of the Toys "R" Us stores and warehouses, Amazon would be able to more easily - and quickly - provide speedier, local delivery services to its growing customer base. The chain has 14 Toys R Us and Babies R Us stores in Rhode Island and nearby locations in MA and CT. Creditors pushed for liquidation because they saw it as the most likely way to be repaid.
There are federal and state laws which prevent gift cards from expiring in IL, but that's not the case when a retailer files for bankruptcy and closes its doors.
"This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years", Brandon said in a statement.
