Geoffrey the Giraffe might be homeless soon. Toys “R” Us is preparing to shut down its U.S. operations and liquidate its assets, Bloomberg reports.
The onetime biggest toy store in the world has been struggling to stay afloat in a changing retail environment (hi, Amazon!). After flagging sales, the U.S. branch of the company went into bankruptcy proceedings in September, hoping to restructure its debt. The company reportedly took out a $3.1 billion loan to keep the stores open during the holidays, hoping that would be enough to turn the toy store around, but Christmas sales were worse than expected. Unless a buyer emerges soon (hi, Amazon?) Toys “R” Us may have no choice but to shutdown its U.S. operations and sell off its stock of bikes and trains and video games.