Toys R Us to close all 800 U.S. stores, including Mishawaka location

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.