We've been telling you about Toys 'R' Us closing stores due to its Chapter 11 bankruptcy. Now, it looks like they're one step closer to converting to a Chapter 7 liquidation.

While the situation is still fluid, a shutdown of the U.S. division has become increasingly likely in recent days, said the people, who asked not to be identified because the information is private. Hopes are fading that a buyer will emerge to keep some of the business operating, or that lenders will agree on terms of a debt restructuring, the people said.

What does this all mean? If they go the Chapter 7 route, then Toys 'R' Us will liquidate and close all of their stores. And that means all of them, including the store right here in Lubbock.

Now, the question is, 'When will this happen?'

It's hard to say right now. Toys 'R' Us is in negotiations with its creditors, but if those go sour, then they could go into full blow liquidation as early as next week.

Look like Geoffrey the Giraffe may need to look for a new gig soon.

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