Toys R Us is shuttering its 735 US stores after failing to find a buyer or reach a deal to restructure billions in debt.

The move will put over 30,000 people out of jobs.

Chief executive officer Dave Brandon commented: “This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”

Toys R Us said it is seeking approval to liquidate inventory in its US stores, which debtors anticipate will close by the end of this year. There were reports the toy chain had stopped paying its suppliers earlier this week, the Washington Post reported.

Dave also announced that the company was likely to liquidate in France, Spain, Poland, and Australia. It plans to sell its operations in Canada, Central Europe, and Asia. The company also said it is in discussions with some interested parties for a deal to combine up to 200 of its top performing US stores with its Canadian operations. It is believed that MGA Entertainment has made a bid for the Toys R Us Canada operations. A group of toy companies led by MGA may also perform due diligence on Toys R Us in the US, according to a report from Bloomberg.

For its operations in Asia and Central Europe, including Germany, Austria and Switzerland, the company will pursue a reorganisation and a sale process. The administration of its UK business, which has already been announced, will continue, the company said.