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

JACKSONVILLE – If you have a Toys 'R' Us gift card lying around the house, better use it quick.

With the toy giant announcing Thursday that it will close all its U.S. stores, the value of gift cards will be gone if those who hold them don't act quick enough.

USA Today reports the company will honor gift cards for the next 30 days. After that, the cards will most likely lose their buying power.

READ: The death of the big toy store

According to the report, retailers who enter bankruptcy like Toys R Us are not obligated to honor gift cards, but the company has reportedly asked the courts to continue to take them as payment.

U.S. Senate Minority Leader Charles Schumer is urging the Federal Trade Commission to alert consumers about using Toys 'R' Us gift cards.