Toys ‘R’ Us to close all stores

Toys “R” Us has announced that it will be closing all of its U.S. and U.K. stores.

The company has struggled to compete with internet retailers, according to The New York Times, and has $5 billion in debt from a leveraged buyout in 2005, which contributed to the final decision of closing the business.

Liquidation sales will begin over the next month at both Toys “R” Us and Babies “R” Us stores, which add up to more than 880.

The move follows Chapter 11 bankruptcy filing last September.