NEW YORK (FOX5NY.COM) - This is disappointing news for the Toys R Us kid in all of us. The Wall Street Journal reported that Toys R Us told its employees Wednesday that it will sell or close all U.S. stores. More than 700 U.S. locations remain, including Babies R Us stores. The complete collapse of the 70-year-old chain is threatening 33,000 jobs.
Retail expert Trae Bodge says if you have a Toys R Us gift card, you should use it as quickly as possible. She says stop by a local store soon or use it on toysrus.com. She assumes that even after stores close, toysrus.com will be up and running for quite some time.
But that is not your only option. You can sell your gift card on websites, such as Gift Card Granny. Bodge says you'll lose a bit of the card's value, but you may as well sell it if you don't want to use it.
In the meantime, Sen. Chuck Schumer announced he is urging the Federal Trade Commission to take "an immediate look into the company to ensure no laws are being violated as a rumored liquidation process ensues."
Toys R Us has not said when it is will stop accepting gift cards or what will happen to the remaining balance after liquidation. Schumer wants the FTC to step in so that customers can get money back for unused gift cards.
But Bodge says waiting for any potential cash is probably not worth the risk.