Troubled toy chain Toys “R” Us Inc. is preparing to liquidate all of its U.S. stores and abandon efforts to restructure through the bankruptcy process, people familiar with the matter said, after a weak holiday season torpedoed plans to reorganize.

The big box retailer filed for chapter 11 protection in September with the hopes of reorganizing its roughly $5 billion debt load, revamping its stores and operations, and continuing as a mainstay toy business.

The company recently announced plans to close 184 stores, or about 20% of its roughly 800 U.S. stores, as it worked with creditors to restructure its debts. But now it is now evaluating bids to liquidate the remainder of its U.S. locations, the people said.

An announcement could come as soon as Monday when the parties are expected to appear at a bankruptcy hearing in Richmond, Va., the people said. How much Toys “R” Us decides to liquidate will depend on the size of the liquidator bids it receives, the people said.

The plan to shut down the stores and liquidate the U.S. operations is one of several scenarios in play, one of the people said, and while some lenders are pushing that route, others want to find other options for Toys “R” Us to continue operations.