Mubasher: American retail company Toys R Us will close or sell all of its stores in the US, posing serious risks of cutting 30,000 jobs, court files showed on Thursday

The closure of around 800 stores followed the retailer’s failure to find a buyer.

"This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years. I have always believed that this brand and this business should exist in the US," Toys R Us CEO Dave Brandon said late Wednesday.

The company also said it would shut all of its stores in the UK by the end of April after it went into administration in February.

However, the company said it could restore 200 of its US stores if talks to combine these with its Canadian operations succeeded.