U.S. President George H. Bush, listens to Toys U.S. President George H. Bush, listens to Toys “R” Us Chairman Charles Lazarus, right, Tuesday, Jan. 7, 1992 . (AP Photo)

  • Toys R Us gift cards good only for the next 30 days

    Toys R Us gift cards good only for the next 30 days

    Thursday, March 15 2018 10:59 AM EDT2018-03-15 14:59:17 GMT

    Thursday, March 15 2018 11:07 AM EDT2018-03-15 15:07:38 GMT

    Companies in Chapter 11 aren't required to honor gift cards, but Toys R Us has since entering into bankruptcy. (Source: CNN)Companies in Chapter 11 aren’t required to honor gift cards, but Toys R Us has since entering into bankruptcy. (Source: CNN)

    The toy company, which announced it’s closing all of its North American stores on Wednesday, will honor existing gift cards for 30 days.

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    The toy company, which announced it’s closing all of its North American stores on Wednesday, will honor existing gift cards for 30 days.

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  • Reports: Toys R Us to close all US stores

    Reports: Toys R Us to close all US stores

    Wednesday, March 14 2018 6:38 PM EDT2018-03-14 22:38:39 GMT

    Wednesday, March 14 2018 8:54 PM EDT2018-03-15 00:54:07 GMT

    Toys 'R' Us is reportedly closing all of its U.S. stores. (Source: Gene J. Puskar/AP)Toys ‘R’ Us is reportedly closing all of its U.S. stores. (Source: Gene J. Puskar/AP)

    Toys ‘R’ Us is reportedly closing all of its U.S. stores.

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    Toys ‘R’ Us is reportedly closing all of its U.S. stores.

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(RNN) – Charles Lazarus, the founder of Toys R Us, has died just a week after the company announced it was closing all of its North American stores.

Lazarus was 94. He continued to run the company as CEO until 1994.

Toys R Us told employees last week it was shuttering operations across the U.S. and Canada, including Babies R Us stores. It also announced it was closing its U.K. stores.

“There have been many sad moments for Toys ‘R’ Us in recent weeks, and none more heartbreaking than today’s news about the passing of our beloved founder, Charles Lazarus,” the company said in a statement. “He visited us in New Jersey just last year and we will forever be grateful for his positive energy, passion for the customer and love for children everywhere.”

The toy chain was in business for 70 years. About 33,000 employees will lose their jobs.

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