Update Mar 14, 2018 6:15 p.m. EDT: Toys "R" Us is getting ready to close more than 700 U.S. stores, including Babies "R" Us, in a move expected to impact as many as 33,000 workers, according to The Wall Street Journal.
Company Chief Executive David Brandon told workers at its headquarters in Wayne, N.J., about its plans to file liquidation papers Wednesday night before a bankruptcy hearing on Thursday.
"I have always believed that this brand and this business should exist in the U.S.," Brandon said during a conference call with staff, the WSJ reported.
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He also predicted that vendors and customers alike will miss the struggling retailer when its gone.