A shutdown of the U.S.
Toys 'R' Us has previously announced plans to close about a third of its 880 stores in the United States.
In January, the retailer held out hope that closing stores nationwide would allow them to reinvent the brand and focus on priorities, Dave Brandon, CEO of the Wayne-based chain said at the time.
The situation has also deteriorated for many of the retailer's overseas divisions, which weren't part of the bankruptcy, according to the report.
In February, the British arm of Toys R Us went into insolvency administration, putting 3,200 jobs at risk, as big retailers continue to feel pressure from a global shift to online sales.