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Toys 'R' Us delays liquidation sales pending court action

Toys 'R' Us is posting signs telling customers to wait at least another day.

Toys "R" Us liquidation sales are on hold until further notice pending approval by the courts handling the company's bankruptcy, stores announced Thursday.

Signs were posted on store doors apologizing for the delay. A spokesperson told media outlets the closing sales would likely be pushed back until Friday. The company hoped liquidation sales would be finished by the end of June.

The toy giant announced last week it had filed for bankruptcy after facing growing debt and losses. Its bankruptcy filing confirmed it expected to completely run out of cash by May without making a change.

"I am devastated that we have reached this point," CEO Dave Brandon told staff in a speech at company headquarters, according to USA TODAY.

Isaac Larian, CEO of the world's largest private toy company MGA Entertainment, has joined other investors in pledging a total of $200 million in last-ditch financing with the goal of securing enough money through crowd-sourcing to prevent up to 400 Toys "R" Us stores from being liquidated. The wishful plan would require hundreds of millions more dollars and approval from a bankruptcy judge -- making its potential success chances slim.

Without outside help, Toys "R" Us will close 735 stores, costing 33,000 employees their jobs.

RELATED: Thinking of shopping during the liquidation sale? Here's a complete guide to getting the best deals.

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