Schumer: Toys R Us needs to redeem gift cards for cash

Schumer: Toys R Us needs to redeem gift cards for cash

"With the entire Toys R Us operation at risk of shutting its doors for good, I am urging the company to redeem outstanding gift cards for cash so they are not as worthless and unwanted as a lump of coal in a stocking", Schumer said in a release.

Struggling Toys "R" Us reportedly told its workers Wednesday it'll sell or close all its USA stores - and Sen.

Locally, there are Toys R Us locations in Clarence, Amherst and Hamburg.

Schumer said it's "critical" for the FTC to determine how many gift cards are out there.

USA TODAY and multiple outlets reported the iconic toy retailer was drafting paperwork to file for Chapter 11 liquidation and could go to court as soon as Wednesday, citing people familiar with the matter.

Toys R Us Canada's vice-president of marketing and store planning Clint Gaudry says its 82 Canadian stores will remain open for business and the company will continue to honour its existing customer policies and baby registry, gift card and loyalty point programs.

Despite its financial struggles, the store "gave an "all clear" to consumers, selling toys and gift cards as part of normal operations" during the most recent holiday season, Schumer said.

As reports spread that Toys R Us employees were being informed all of the company's stores in the United States would close, one lawmaker expressed concern that consumers could wind up losing a lot of money. "This could mean countless American consumers are left with very little time to use their gift cards before their local stores close".

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