Cumberland's Toys R Us not closing after all

The Toys

St. Petersburg and Tampa Toys R Us stores are among the stores the company reportedly plans to close as it goes through bankruptcy proceedings.

According to Time, Toys "R" Us CEO David Brandon said about the selected stores will be closing beginning in early February after the franchise declared bankruptcy.

The well-known toy store chained had filed a motion last month to close up to 182 or one-fifth of its 880 stores, the Bergen County Record reported.

A big move for a once-dominate toy retailer could mean big deals for shoppers. Most of the stores closing are expected to shutter for good in April, Toys R Us said.

Liquidators say shoppers can expect "deep discounts" across all product categories, including new merchandise.

NJ.com reported that Toys R Us laid off about 15 percent of its headquarter staff in Wayne, New Jersey a year ago.

Stores in Albany, Newnan and Fayetteville are Toys R Us. Toys R Us has lost market share from competitors including Amazon, Target and Walmart, and more toy brands are selling directly to consumers. LEGO also announced it was having trouble with sales and cut 1,400 jobs.

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