Toys R Us Canada to stop accepting gift cards as restructuring continues

Shoppers holding Toys R Us gift cards Canada have until the end of Monday to use them in stores.

The retailer announced it will stop accepting gift cards after Monday as part of its ongoing creditor protection process.

Earlier this month, Toys R Us Canada sought creditor protection as it struggled to meet its financial obligations.

Court documents show the company had more than $36million in outstanding gift card liabilities at the time of its filing.

A judge approved a 14 day period allowing customers to redeem gift cards before the company stops honouring them. That period ends Monday.

The court has also given the retailer permission to liquidate more of its remaining 22 stores if lease negotiations with landlords are unsuccessful.

Toys R Us Canada had previously paused online sales while revamping its website and has not yet restored e-commerce operations.

As a result, customers can only redeem Toys R Us gift cards Canada in physical stores before the deadline.