Toys R Us could close all stores

NEW JERSEY (FOX5NY) - Financial woes are continuing for toy giant Toys R Us and it may be ready to give up and close the doors on all of its stores in the United States and liquidate its merchandise.

The New Jersey based company filed for Chapter 11 bankruptcy protection in September. It has $5 billion in debt and has been seeking to find a potential buyer to revive the struggling chain.

It originally planned close about 170 of its 800 stores but after weak holiday sales, Toys R Us may just give up, according to Fox News.

An announcement about the closures could come as early as Monday. The chain has struggled to compete with Walmart, Target and online retailers like Amazon.