This week brought sad news for “Toys R Us kids” of all ages: The company announced that it is closing its doors. That means nearly 800 Toys R Us and Babies R Us stores will be closing across the country.
Whether you have Toys R Us gift cards or a baby registry or are looking for a good deal, here’s what you should know.
GIFT CARDS AND REWARDS
Use them quickly. Technically, the company hasn’t been obligated to honor gift cards since it filed for bankruptcy last September. But it has continued to accept gift cards and says it will keep doing so over the next month. But it’s probably a good idea to use them quickly or try to exchange them for cash as soon as possible. The same is true if you have money to spend through the company’s rewards program.
There may be an opportunity to get things cheap as Toys R Us and Babies R Us will begin liquidation sales. Experts believe the sales will start very soon. If history is any guide, sales will likely start in the 20 to 30 percent range. As the weeks progress, discounts will get deeper, perhaps as high as 80 percent near the end, which could be in less than two months.
Expect that all sales moving forward are likely to be final. That means no returns, exchanges, you name it. You should expect that anything you buy at Toys R Us or Babies R Us is yours. If you don’t like it, you’ll probably have to sell it yourself. Experts also caution against shopping online as it’s possible that you won’t be able to return something you don’t want or a product that arrives damaged.
If you have a baby registry at Babies R Us, the information above applies. You might be able to get some great deals. But you’re also unlikely to be able to make returns or use any gift cards you may get. If you have time, your best bet may be to transfer your registry to another store.