Update #2:

Toys R Us has reportedly informed its employees the company will shutter all remaining 700 stores in the United States, or attempt to sell them wherever possible.

The Wall Street Journal reports Toys R Us Chief Executive David Brandon informed employees at the company's headquarters ahead of plans to file liquidation papers today, March 14. This closure would reportedly affect up to 33,000 American jobs, according to WSJ.At the start of the year, they announced their plans to close down 182 stores by the end of April, but things went from bad to worse in February, with news of the closure of another 200 stores, and over 9,000 layoffs Toys R US's continued financial woes will now result in the closure of all of the toy chain's UK stores.25 stores had previously been closed in the UK, while the other 75 Toys R Us locations will shutter in around six weeks or so, according to CNN . Toys R Us accounts for a staff of about 3,000 throughout the UK.The company had been waiting for a buyer, but as none has come to rescue the company, its remaining stores will close, though they'll offer continued discounts on products while they remain open.Original story follows:

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Toys R Us is poised to shut down its US operations as it struggles to find a buyer after going bankrupt at the end of last year. Bloomberg reports that, having failed to restructure its gargantuan debt - $400 million of which was due this year - or find a buyer, Toys R Us is prepping to liquidate its US operations.While there is still time for either of these scenarios to play out, it's not looking likely, according to anonymous sources.“While a Chapter 11 bankruptcy provides a company with breathing space, it is incumbent on the debtors’ management to show how it intends to reorganise as a going concern,” said Gregory Plotko, a partner in the bankruptcy practice Richards Kibbe & Orbe LLP, weighing in on the matter.“My sense is that the major creditor group has not yet heard a compelling enough story, nor has a ‘white knight’ appeared.”The Asian arm of the business is the most profitable, and is in talks with buyers. The UK, European, and Canadian regions aren't faring any better than the US, and the company's shares have plummeted in the wake of the news.Whether or not it can be salvaged remains to be seen.The company was looking to refinance or restructure its $5 billion debt in September and entered bankruptcy a few weeks later

Shabana is a freelance writer who enjoys JRPGs, wine, and not finishing games. Follow her on Twitter and Instagram