It could be the end of an era for brick and mortar stores.
After a lot of speculation, Toys-R-Us has filed for Chapter 11 bankruptcy.
The company is struggling under a mountain of debt and the company's three owners are looking at a debt restructuring. Analysts say a Toys R Us bankruptcy filing now gives toy makers Mattel and Hasbro a clear view into the company's viability through the holidays.
The company has hired restructuring lawyers to address 400-million dollars in debt due in 2018.
The news is likely to spur some people to scramble to use their gift cards. But the New Jersey-based toy company, one of the world's largest, says there's no need to panic. It says it's committed to keeping its 16-hundred Toys "R" Us and Babies "R" Us stores open while it reorganizes.