RIP all of our childhoods - the theatre of every 90s kid's dreams could be about to close forever as Toys 'R' Us is reportedly set to file for bankruptcy.

Anyone hoping for one last Christmas together will be disappointed to know that this could come before the holiday sales season.

The news comes after The Wall Street Journal earlier reported that the company was considering filing for Chapter 11 protection in US Bankruptcy Court.

The toy company has more than 1,600 stores worldwide, meaning the move could endanger thousands of jobs. The company is yet to issue a response to today's reports from Reuters.

Toys 'R' Us is reported to be around $5 billion (£3.6 billion) in debt and is working on a loan as part of the bankruptcy filing in order to reassure its vendors it is able to keep all the legendary toys on the shelves.

The move is part of a greater trend which has seen the retailer's profits fall as it fights off competition from online giants such as Amazon.

Here's how Twitter reacted to the news:

Such awful news.

Featured Image Credit: PA Images

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