What you need to know about Toys R Us closing

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Charles Schumer has asked the Federal Trade Commission to protect consumers holding Toys R Us gift cards that could become worthless if the toy retailer moves forward with a liquidation plan. Customers had more than 17 million gift card to the store that they didn't use worth more than $210 million. People with Toys R Us gift cards that still have money on them, must be spent the gift cards or they will expire in the next 30 days. The move comes several months after the store filed for Chapter 11 bankruptcy in September in an effort to relieve itself of billions of dollars of debt and create a new financial model.

"We got the gift card probably three weeks ago when we got it and all of sudden 800 stores are closing", said Matt Dean. However, Raina believes other stores, like Walmart, will not have the space to carry the extensive in-store inventory that Toys R Us now has. She assumes that even after stores close, toysrus.com will be up and running for quite some time.

The company is gearing up for liquidation and will be shutting it's doors.

The toy company announced it was closing all of its 735 stores in the United States.

More news: Champions League quarter-final draw

At least one U.S. Senator is urging the company to redeem outstanding gift cards for cash. They'll only be good for the next 30 days. But Toys R Us won't be around much longer and Schumer warned that gift card holders are at risk.

And many shoppers are looking to cash in on unused gift cards.

The New Jersey-based retail chain announced Thursday it will be closing all of its USA and Canadian stores over the next few months.

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