Toys R Us to close all 800 U.S. stores, including Mishawaka location
-
4:24
Michiana Crime Stoppers shredding event
-
1:16
’IvyCares’ program setting students up for success in and...
-
1:45
Windy and wet this weekend, but unseasonable warmth as well
-
3:13
Local players react to $3 million investment in Byer Softball...
-
0:32
Layoffs at Whirlpool could affect workers in Benton Harbor
-
1:03
Annual District Sisterhood Conference at Ivy Tech empowers students
-
1:49
Back home in downtown South Bend, YMCA to open new location
-
2:16
This week’s ABC57 Cub Reporter is Nicholas Zentz
-
3:05
Amazon Web Services invests $11 billion to build data center...
-
4:05
Riley High School student center stage at the NFL Draft
-
1:35
Rain, wind, and milder temperatures forecast this weekend
-
2:49
Joe Alt expected to be drafted in the first round of NFL Draft
Its commercials called it "the greatest toy store there is."
But on Wednesday the iconic toy retailer Toys R Us announced it is shutting down or selling all its stores in the U.S. including one on Grape Road in Mishawaka.
This totals 735 store locations and puts around 33,000 American jobs in jeopardy.
"There are a lot of concerns about retailers that are facing intense competition from Amazon and also Walmart," said CNNMoney Contributor Paul LaMonica. "It's also a very difficult time for some of these specialty retailers."
The toy retailer says it hasn't earned a full-year profit in about six years. After losing billions of dollars over recent years and struggling to pay off debt, the company filed for bankruptcy last September.
Analysts say low holiday sales last holiday season didn't help.
"This is bad news for Hasbro and Mattel," said LaMonica. "The two big toy makers get about 10 percent of their revenues from Toys R Us."
There have not been any reports of an official closing date. Shoppers can still purchase toys online and in stores at all Toys R Us and Babies R Us locations.
Officials will appear in a bankruptcy court hearing Thursday.