While it was hoped Toys R Us would be able to find a new owner or at least have a better holiday shopping season, both options fell through, and now the toy store is closing its doors forever.

Toys R Us was unsuccessful in its negotiations with creditors, and now the company is taking the final steps to close down the chain, which will result in 880 stores closing and 30,000+ employees out of work.

There are a number of factors that lead to this final decision – highest among them is the huge shift in buying toys online. According to the New York Times, online toy sales have increased by more than 55-percent in the past two years. Add to that the continued shift away from physical toys to electronic, and it is pretty much over for the brick and mortar stores.

There is currently no timeline for complete closure, but now would be a good time to start visiting the store on a regular basis as the prices start to drop.

via New York Times

 

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About Author

Stephen Schleicher began his career writing for the Digital Media Online community of sites, including Digital Producer and Creative Mac covering all aspects of the digital content creation industry. He then moved on to consumer technology, and began the Coolness Roundup podcast. A writing fool, Stephen has freelanced for Sci-Fi Channel's Technology Blog, and Gizmodo. Still longing for the good ol' days, Stephen launched Major Spoilers in July 2006, because he is a glutton for punishment. You can follow him on Twitter @MajorSpoilers and tell him your darkest secrets...

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