Toys 'R' Us files for bankruptcy ahead of holiday season I grew up as a Toys R Us kid, fondly remember those Geoffrey the Giraffe commercials. Of course filing for bankruptcy doesn't necessarily mean the end of the retail chain. But it does mean, at the very least, that they will need to close down MANY (unprofitable) stores in order to consolidate and recuperate during bankruptcy. And that means thousands of employees laid off. 64,000 employees and 1600 stores at this moment, according to the article. Sad times.