So how did Toys "R" Us get here?
If Toys "R" Us is unable to fashion a last-minute miracle, the end of its 70-year run would be the latest blow to the reeling retail industry.
The Canadian unit, which was profitable and growing sales last September when its Wayne, New Jersey-based parent company filed for Chapter 11 bankruptcy, was forced to file for court-based creditor protection because of a shared credit facility with the USA parent.
It's one of a slew of high street names to have been hit by a cocktail of rising inflation, increasing business rates, a hike in minimum wages and the surging popularity of online competitors such as Amazon. The company fell on hard times past year, filing for chapter 11 protection. However, the situation remains fluid, Bloomberg reported.
The retailer filed for Chapter 11 bankruptcy protection back in September, as it struggled with $5 billion in debt.
Fifteen percent of US toy revenue. But, since news began breaking that the company could ultimately liquidate entirely, the retailer has been eerily quiet. Bigger rivals like Walmart Inc. and Target Corp. would typically take a more cautious approach.
Toys "R" Us Inc. doesn't sell the most toys in the USA - that distinction goes to Walmart Inc. - but it has remained a key proving ground for kids' gadgets, games and other playthings.
The company announced earlier this month they planned on closing stores in the United Kingdom, but it's not clear how many.
Toys "R" Us was founded by Charles Lazarus in 1948.
"If you're looking for toys or expecting a baby then head to the store now, everything must go". Over the decades, it grew into the largest USA toy chain.