Toys R Us officially filed liquidation papers early Thursday, according to USA Today.
The company told employees on Wednesday that it would sell or close each of its more than 700 US stores.
In its liquidation filing, the company says its creditors “have determined that the best way to maximize their recoveries is to liquidate the existing inventory in all … 735 remaining U.S. stores and begin an orderly wind-down of the U.S. operations.”
