Toys "R" Us is expected to start court proceedings to liquidate as soon as Thursday. That's a first legal step in moving to close all of its 850 brick-and-mortar stores in the U.S. -- and to lay off up to 33,000 workers.
The retailer declared bankruptcy in September and has been unable to convince creditors to refinance its more than $5 billion in debt. That's considred a crushign load that has limited the retailer's ability to adapt to the growth in online shopping.
The company's internatinal businesses, which have operations in 38 countries, are not covered by the filing, a person close to the situation told CBS News.
Other details that need to be worked out include what will happen to gift cards from the stores and whether employees will receive severance.
After a Christmas season with sales that were far worse than expected, any plans to recover seemed to collapse.