Toys R Us will close or sell all U.S. stores

Toys R Us is closing its doors after 70 years in business.

The iconic toy retailer will shut or sell all of its almost 800 stores in the United States, a source familiar with the matter told CNNMoney on Wednesday.

The company’s CEO, David Brandon, notified employees earlier in the day, according to an earlier report by The Wall Street Journal, which said the move could affect up to 33,000 workers.

The company declined to comment.

The chain filed for Chapter 11 bankruptcy protection last fall, saddled with debt that hurt its attempts to compete.

It pledged then to stay open, but had weak sales during the critical holiday season. In January it announced plans to close about 180 stores.