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Report: Toys R Us likely going out of business

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NEW YORK , N.Y. (WZTV) -- Toys R Us looks may be ready to liquidate stores, reports say.

The Wall Street Journal reported that the toy retailer is preparing to abandon restructuring efforts and liquidate all of its stores.

The newspaper also reported Toys R Us execs are slated to appear in bankruptcy court on Monday. The toy store giant filed chapter 11 protection in September. The Wall Street Journal reported the company wanted to "reorganize" its roughly $5 billion debt load. Toys R Us had a weak holiday season.

While reports of a possible closure loom, CNBC is reporting that this is a very "fluid" situation.

In January, Toys R Us made the announcement 182 of its stores were closing.

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