NEW YORK (AP) — Toys R Us, squeezed by Amazon.com and huge chains like Walmart, will begin closing a number of its stores starting in February.
Hobbled by $5 billion in debt, the company that once dominated toy sales in the U.S. filed for bankruptcy protection in September.
Chairman and CEO Dave Brandon said in a letter Wednesday that tough decisions are required to save Toys R Us.
The letter also didn't disclose how many stores would be closed and the company did not immediately return a message seeking details.
Brandon said that the majority the targeted stores will be closed by mid-April and that there will be deep discounts at those locations.
Toys R Us is based in Wayne, New Jersey.