Economy

Toys 'R' Us likely to sell or close all USA stores

Toys 'R' Us likely to sell or close all USA stores”

Toys R Us is facing pressure from Washington to redeem gift cards for cash amid reports the retailer is preparing for liquidation.

Ideally, consumers would be able to redeem the gift cards for cash, Schumer wrote. "Consumers deserve the chance to turn their Toys R Us gift cards into cash before it is too late and the FTC can help ensure any laws to help this happen are being followed in real time".

In his letter, Schumer expressed concern about fate of the millions of dollars worth of outstanding gift cards, many of which were purchased around the recent holiday season.

Amid widespread speculation that Toys R Us may announce this week it is closing all of its stores, Senator Charles Schumer is urging the bankrupt retail to take action to protect consumers.

"It would be a sad toy story if those same consumers got gamed by a Toys R Us closure and were left holding useless gift cards that were meant to bring a smile to the face of a child", Schumer said. Schumer sent a letter to the Federal Trade Commission to make sure consumers with gift cards aren't left holding onto useless pieces of plastic once the iconic company closes down.

Schumer, D-N.Y., asked the FTC in a letter Wednesday to take action that would guarantee consumers could exchange gift cards for cash, even if Toys R Us liquidates and closes all 880 of its USA stores.

The company did not immediately respond to a request for comment Wednesday.



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