If you happen to have some Toys "R" Us gift cards lying around, you will want to use them soon.
Liquidation sales have already started at many Toys "R" Us locations, as the toy giant is closing 735 stores in the United States. Sales will vary from location to location, but Louisana Attorney General Jeff Landry revealed when the company will stop accepting gift cards, and that April 15 date is quickly approaching (via Shreveport Times).
“According to the restructuring plans of Toys R Us, consumers have until April 15 to use their gifts cards, Rewards Dollars, Endless Earnings and store credits,” Landry said. “Since the stores likely will not restock inventory, it is probably a good idea to use these as soon as possible, whether in-store or online.”
Landry also warned customers to pick their items carefully, as Toys "R" Us' refunds and return policies are somewhat in flux as the locations shut down. “Choose products wisely as they likely are not eligible for return or refund,” Landry said. “And please ask about return and refund policies before making any future purchases from Toys R Us.”
So, if you've been waiting for sales to spike
The Toys "R" Us closures will affect around 33,000 jobs in the United States, and not just on the retail side. The company's distribution centers will close before the stores do according to Alvarez & Marsal's Bill Kosturos, who is the vice chairman of one of the companies advising Toys "R" Us during the liquidation.The liquidation process is currently set to take about 14 weeks, but that is being contested in Bankruptcy Court by toy manufacturers, who say that the timeline and plan are unfair.
That included companies like Lego and Mattel, who have opposed Toys "R" Us liquidation plan for multiple reasons, one being how much product the company plans to pay for. At the moment Toys "R" Us is slated to pay for any toy shipments received after March 5, but the companies are also wanting $450 million for the products shipped to Toys "R" Us previously.
It's a big mess, but we'll probably know more about the retailer's final few months soon.