Toys "R" Us is currently preparing for liquidation and may close all of its U.S. according to news reports. Bloomberg reports the company is planning to liquidate it's bankrupt U.S. operations after failing to find a buyer or reach a debt restructuring deal with lenders. As a result, Toy R US could close all of its 880 stores in the U.S.and lay off thousands of workers.

According to the Wall Street Journal, an official announcement could come as early as today as the company faces a bankruptcy hearing in Virginia.

In January, Toys "R" U.S. announced plans to close 180 stores after a slow sales season. A month later, the New Jersey-based toy retailer said it would likely close another 200---or nearly half---of all its stores.

Upstate New York stores in Amherst, Greece, Glens Falls, Henrietta, and Kingston are set to close or have already closed. Locations in Albany, Clay, Clifton Park Hamburg, New Hartford, Johnson City and Rochester were spared for the time being.

Toys R U.S. representatives have not commented on the possible liquidation.

[Bloomberg]