Bankrupt Toys ‘R’ Us Gets Court Approval to Unload Stores

Toys “R” Us received bankruptcy court permission to close or sell its remaining stores in what the company’s lawyers described as the largest retail liquidation in U.S. history.

The company can conduct “going-out-of-business” sales for most of its remaining 735 U.S. stores and can also sell its Canadian stores with its best performing 200 U.S. locations as a going concern, according to the March 20 ruling by Judge Keith Phillips of the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond.

Some creditors argued against the Wayne, N.J.-based company’s motions and suggested the court convert the swiftly moving ...