Toys R Us, the retail giant that has locations in Paramus, Wayne and Totowa, filed for Chapter 11 bankruptcy on Monday, according to multiple media outlets.
Toys R Us officials said they don't have immediate plans to close any of the 1,600 stores, but plans could change during this period of reorganization, Newsweek reported.
The retailer has locations in
- Paramus: Ridgewood Ave., Babies R Us
- Totowa: Toys/Babies R Us
- Wayne: Wayne Hills Mall
While all stores will remain operational, customers with gift cards should double check card balances and make sure gift cards will still be honored indefinitely. Shelly Hunter of Giftcards.com recommends using gift cards from any company in financial trouble as soon as possible.
Toys R Us was purchased for $6.6 billion in 2005 by Kohlberg Kravis Roberts, Bain Capital and Vornado Realty Trust. Since that time the brick and mortar retailer has struggled to keep pace with online outlets like Amazon, Newsweek said.
Click here to sign up for Daily Voice's free daily emails and news alerts.