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Bloomberg reported Thursday that people familiar with the matter said a shutdown of the USA division had become increasingly likely, as the likelihood of a buyer or lenders agreeing to debt restructuring has decreased.

The toy store chain entered bankruptcy in September, and sales did not get better over the holidays, Bloomberg reports. That is a far cry from the message the retailer sent to customers after the bankruptcy announcement, but sources close to the situation say that plans changed after the weak 2017 holiday season.

The company's struggles aren't limited to its US operations.

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Talks are being held to offload the growing Asian business, the company's most profitable arm, The Times reported. Toy's R. Us also announced back in February that it would also close Toys "R" Us and Babies "R' Us locations in locations in Dedham, Millbury, Bellingham, Northborough and Framingham". However, industry experts believe that sagging sales and the loss of a key revenue stream in Toys "R" Us is likely to fuel rumors of a merger between Hasbro and Mattel as they struggle to survive an online-retail takeover.

The retailer, reportedly, has not found a buyer or secured a debt restructuring deal with its lenders.

Because of that, Toys R Us might close all 800 of its stores in the USA which would mean thousands of employees would lose their jobs.

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The company was founded in 1948 and it grew into the largest USA toy chain.

The locations set to close, which include Babies R Us, range from cities in NY and New Jersey to California. After filing for bankruptcy and taking on a $3.1 billion loan to keep stores open during corporate restructuring, anonymous insiders have told Fortune that the company's outlook has become grim in the past few days. The toy business was large enough that he was able to compete with department stores that had toy sections. In the early 1990s, sales were increasing at a 10 percent annual clip.

Steven Church and Laura J. Keller contributed.

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