Well this is sad news. Toys R Us, once the mecca of all toy stores, has filed for bankruptcy after struggling to compete with the likes of Walmart and Amazon.

According to Newsweek, Toys R Us is currently $5 billion in debt and filed for Chapter 11 bankruptcy protection. What does Chapter 11 mean, besides a place where you can get discounted mattresses? It basically means that people they owe money two can't come after them for a period of time while they try to come up with ways to stay afloat.

Toys R Us has 1200 stores in the country with two of them here in Maine, one at the Bangor Mall and another across from the Maine Mall in South Portland. For now, the stores will remain open during the Chapter 11 phase and you should notice no difference, but if Toys R Us isn't able to dig themselves out of the hole one way or another, they could close.

Who wasn't a Toys R Us kid? At least we'll always have this classic commercial.