Spend those Toys R Us gift cards now

Schumer to Toys R Us: Let customers turn gift cards into cash

Schumer to Toys R Us: Let customers turn gift cards into cash

Meanwhile, the United Kingdom branch of Toys "R" Us announced Tuesday it would shutter all 75 locations in the country, and U.S. CEO David Brandon told the company's workers that it plans to file liquidation papers Wednesday evening and sell or close all its U.S. locations, according to the Wall Street Journal.

Amid widespread speculation that Toys R Us may announce this week it is closing all of its stores, Senator Charles Schumer is urging the bankrupt retail to take action to protect consumers.

"Consumers deserve the chance to turn their Toys R Us gift cards into cash before it is too late and the FTC can help ensure any laws to help this happen are being followed in real time", he said.

According to the Wall Street Journal, the collapse threatens up to 33,000 jobs; the iconic toy retailer has more than 700 stores in the U.S.

"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".

"It would be a sad toy story if those same consumers got gamed by a Toys R Us closure and were left holding useless gift cards that were meant to bring a smile to the face of a child", Schumer said.

"This past holiday season, buoyed by fresh debt financing, Toys R Us gave an "all clear" to consumers, selling toys and gift cards as part of normal operations".

Schumer was among the earliest supporters of a 2009 bill passed by Congress that established federal protections for consumers who buy gift cards, requiring the cards to be honored for at least five years after purchase, without any hidden fees.

Schumer said it would be a "sad toy story" if consumers "got gamed by a Toys R Us closure and were left holding useless gift cards that were meant to bring a smile to the face of a child".

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