Schumer: Toys R Us needs to redeem gift cards for cash

People pass by Toys R Us store at Times Square in New York

New and expecting parents are still reeling at the news that all Toys "R" Us and Babies "R" Us stores will be closing.

Colleen Johnson says she's been a loyal Toys R Us customer and was very upset about the news.

"The music is about to stop for the iconic retailer", Schumer said in a statement on Wednesday, "and consumers could be left in the lurch".

Consumers have 30 days to use their Toys "R" Us gift cards. However, once the 30 days are up, they will no longer be valid.

What's perhaps more surprising is the company's demise comes despite the fact that it still accounted for up to 20% of all US toy sells previous year, according to CNBC.

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Schumer wrote that the company should honor gift cards particularly after it gave its customers "the "all clear" during the all-important holiday season. Once Toys "R" Us is gone, families can visit their competitor Buy Buy Baby, but the closest one is in Encinitas.

About 30,000 people will lose their jobs when the stores close. But a competitor may be willing to honor a gift card given by a bankrupt company, he noted.

Schumer is asking the FTC to take an "immediate look" at the company to ensure no laws are being violated as a rumored liquidation process ensues, and to make sure consumers have time to get cash back for unused gift cards.

So if you've got Toys R Us gift cards lying around, you might want to buy something soon.

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