After 70 years, Toys R Us going out of business

Toys R Us on Wednesday informed employees of its plan to close all of its U.S. stores in the coming months. The chain’s liquidation will result in the shuttering of 740 retail locations and eliminate about 30,000 jobs. The 70-year-old company filed for Chapter 11 bankruptcy protection last year to ward off creditors who were owed about $5 billion. The announcement appears to have hurt the company’s holiday sales, which proved dismal as customers turned to other retailers with steadier reputations. Toys R Us employees in the U.S. will get paid for the next 60 days if they show up for work, but after that all benefits and pay will be cut, CEO David Brandon said at a company meeting Wednesday. Some workers will be asked to stay longer to help with the liquidation.