Toys R Us could file for liquidation Wednesday

The end of an era is near. Toys R Us could file for liquidation as soon as Wednesday after over 60 years in business. 

Tuesday the toy giant began drafting papers to file for Chapter 11 Liquidation. 

This move would likely result in the closing of all its stores. Three of their almost 900 U.S. locations are in the Jacksonville area. There are also two local Babies "R" Us.

The company had previously announced plans to close 182 U.S. stores, including a Babies"R"Us in Jacksonville.

Toys R Us has been struggling. Low sales during the holidays increased worries that the company would continue to go down.

Stores like Walmart, Target and Amazon have many of the same items for lower prices.

Multiple reports are saying the company's debts and missed vendor payments played a role in the decision. 

Last September, it filed for bankruptcy.