The retailer's sprawling warehouse-like stores also were a turn-off to consumers who are looking for "experiences" while they shop.
Tough competition from online rivals is said to have contributed to its struggles, while bankruptcy proceedings in the U.S. left the toy company's parent firm unable to provide loans to keep the United Kingdom subsidiary afloat.
The administrators, Simon Thomas and Arron Kendall, partners in Moorfields Advisory Limited, said today (Wednesday 14 March), said that they had tried to find a buyer for all or part of the business.
The company appointed administrators last month to run the business, and no buyer has since come forward to rescue Toys R Us' in the UK. A 2016 IBISWorld report estimated Toys "R" Us' share of the retail toy market was 13.6 percent, lagging Amazon's 16.3 percent and Walmart's 23.9 percent. Toys R Us was a launchpad for emerging trends and toys, such as ZhuZhu Pets, which were the must-have holiday toy in 2008.More news: Wednesday weather: Mostly cloudy, with highs in the 50s
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Toys R Us accounts for about 11 percent of Mattel's annual sales and about 9 percent of Hasbro's annual volume, analysts estimate. The company said some buyers were interested in purchasing Toys R Us, but the company didn't receive any formal bids.
"I have always believed that this brand and this business should exist in the U.S.", Brandon told staff.
The once-popular toy store - which also sells video games and consoles - used to be one of the biggest names in the retail space, but has stumbled in recent times due to the rise of online stores like Amazon. The company closed its flagship store in Manhattan's Times Square, a huge tourist destination that featured its own Ferris wheel, about two years ago. He says he can see them looking to expand in the U.S. But what that does mean is that the country will soon be littered with giant, vacant, blue and yellow Toys "R" Us superstores to remind us all of the emptiness of consumerism.