Champaign Toys R Us closing, staying open through mid-May

Toys R Us

"The best advice for individuals who hold gift cards for bankrupt retailers is, use them as soon as you hear about the store's closing", said Dennis Horton, director of the Rockford office of the Better Business Bureau.

According to a company spokesperson, who spoke with PEOPLE, all customer and loyalty programs, such as the Rewards "R" Us program and Geoffrey's Birthday List, are now continuing as normal, but within the following weeks, those programs will come to an end.

The news comes just after it was announced that, after 70 years in business, Toy "R" Us would shut down or sell off the remainder of its 735 stores in the United States.

The parking lot of the Johnson City Toys R Us store on March 19, 2018. The meeting has been called to help allay fears among Whole Foods suppliers as the grocery store undergoes changes under its new owner.

Toys "R" Us kids, it's time to grow up...

As Toys "R" Us announces it will close all remaining USA stores court filings show the toy giant blames deep discounts from Amazon, Walmart and Target for putting them out of business. "We believe we will have the infrastructure in-place and [hopefully] save the toy industry". Therefore, he believes the company's brand still has a tremendous value. Its Canadian unit is up for sale, along with its operations around the world.

Right now, the plan is to open about 1,000 pop-up stores ahead of Black Friday this year.

Charles Tatelbaum, a bankruptcy lawyer with more than 50 years of industry experience, isn't as optimistic about the buyout options for its USA operation.

Somewhere between Spencer Gifts and the Orange Julius, onetime mall staple KB Toys is apparently rising like a fiery phoenix to claim the retail space left newly vacant by the Toys "R" Us vacuum. It has no plan to keep the brand name, though, according to Bloomberg.

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