Toys R Us founder, Charles P. Lazarus, is no more

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Larian - who last week made an offer to buy Toys R Us Canada - says he hopes to swoop in before then.

Since Lazarus stepped down as chief executive officer in 1994 and chairman four years later, the company has faced new competition from online retailers such as Amazon.com Inc. and from the rise of Wal-Mart Stores Inc., which overtook it in U.S. toy sales in 1998. The New Jersey-based company disclosed the timeline during a bankruptcy court hearing on Tuesday, the Bergen County Record reported.

In September, the company had filed for Chapter 11 bankruptcy protection to restructure $5 billion in long-term debt, in a move it said would allow it to better compete in a challenging and rapidly changing retail environment.

The planned wind-down was met with widespread criticism by Toys "R" Us vendors.

Dorel says it raked in $17.3 million in revenue from sales to Toys "R" Us's USA business in its first quarter.

The retailer - which mails out gift cards 12 weeks after the baby's due date - has announced it'll stop accepting gift cards and other rewards in mid-April.

As the bankrupt toy retailer gets ready to shutter its remaining 735 U.S stores, customers eager for bargains flocked to stores Thursday.

"Yes, existing Toys" R" Us credit cardholders can continue to use their Toys "R" Us credit card and will continue to receive the same benefits; however, no new Toys" R" Us credit card applications will be accepted at stores that are closing.

"Being a child of the '80s, Toys R Us was such a big thing for me", shopper Walter Solomon said. I remember being little and getting their catalogs at Christmastime and my brother and I going through them, circling everything that we wanted.

Toys
Toys"R Us said on March 15 that it would liquidate its inventory and close all of its U.S. stores

According to a report in Bloomberg, the chain includes more than 1,600 Toys "R" Us and Babies "R" Us stores in around 38 countries.

Toys R Us will likely liquidate its businesses in Australia, France, Poland, Portugal and Spain.

In August 2013, Lazarus sold his duplex at 960 Fifth Avenue in Manhattan for US$21 million to Peruvian billionaire Carlos Rodriguez-Pastor. He first sold cribs but soon realized that people who bought toys returned to buy more whereas those who bought cribs never did.

"But, for Christmas, I'll definitely miss this store for sure", said Miller, who has lined up at the store for Black Friday deals in past years. "Especially when you have a store that tends to have higher priced toys, it's nice to see when they're 20 percent off or 40 percent off".

The CEO behind Bratz dolls and Little Tike toys wants to save Toys "R" Us.

Items purchased during the liquidation may not be returned.

Some stores posted signs that apologized for the confusion and state that the stores "do not have confirmation as to when the liquidation sales will begin".

Trouble at Toys R Us has already shaken big toy makers like Mattel and Hasbro.

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