You've Heard Toys 'R' Us Is Closing (*Tears*), Now Here's What To Know

You've probably heard the news already that Toys 'R' Us will be closing all of its locations (and Babys 'R' Us) locations worldwide due to bankruptcy :-(

We know -- we are all crying. 

Toys 'R' Us announced Thursday that they will only be accepting gift cards for the next 30 days. So, if you have a gift card lying around the house, better use it quick!

After the 30 day mark, the cards will most likely lose their buying power.

According to the report, retailers who enter bankruptcy like Toys R Us are not obligated to honor gift cards, but the company has reportedly asked the courts to continue to take them as payment.

U.S. Senate Minority Leader Charles Schumer is urging the Federal Trade Commission to alert consumers about using Toys 'R' Us gift cards.

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