American entrepreneur and founder of Toys 'R' Us Charles P Lazarus has died at the age of 94, the company has confirmed.
Lazarus founded the chain back in 1957, developing it into the 'magical place' that would become one of the world's biggest names in the toy industry.
Lazarus began his toy shop empire after serving in World War II as a cryptologyst, returning to Washington D.C. to launch what was at the time a small business - following in the footsteps of his father, who ran a bike shop.
A spokesperson for the company told the Mirror Online: "There have been many sad moments for Toys 'R' Us in recent weeks, and none more heartbreaking than today's news about the passing of our beloved founder, Charles Lazarus.
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"He visited us in New Jersey just last year and we will forever be grateful for his positive energy, passion for the customer and love for children everywhere. Our thoughts and prayers are with Charles' family and loved ones."
Last September, Toys 'R' Us officially filed for bankruptcy protection in the US - with experts describing it as one of the 'largest ever' Chapter 11 filings by a specialty retailer.
"We expect that the financial constraints that have held us back will be addressed in a lasting and effective way," Chief Executive Dave Brandon said in a statement at the time.
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"Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5bn of long-term debt on our balance sheet."
In February of this year, the company then went into administration, putting 3,000 jobs at risk.
Joint administrator Simon Thomas said: "Whilst this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided."
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He continued: "We will make every effort to secure a buyer for all or part of the business.
"The newer, smaller, more interactive stores in the portfolio have been outperforming the older warehouse-style stores that were opened in the 1980s and 1990s."