Toys R Us to close up to 182 stores across the U.S.

Jan. 24 (UPI) -- As part of its bankruptcy reorganization plan, Toys R Us has filed court documents detailing plans to close up to 182 stores -- roughly one-fifth of its U.S. presence.

Some of the closings could be avoided if more favorable lease terms are negotiated, and the closures still need court approval.

Most of the stores listed by the company will close by mid-April and going-out-of-business sales will begin in February.

"The reinvention of our brands requires that we make tough decisions about our priorities and focus," Chairman and CEO David Brandon wrote in a memo to customers. "The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company."

The company said it also plans to combine many of its Toys R Us stores with Babies R Us outlets.

The company's attorneys in court told the bankruptcy judge that more time is needed to decide which of its 880 U.S. stores to close. Currently, the chain is holding going-out-of-business sales at 25 stores in Britain.