The firm - famous for its giraffe mascot Geoffry - sadly announced on Wednesday that it had gone into administration, despite having once been the go-to destination for many parents.
While stores are open until further notice, the decision to begin 'an orderly wind-down' was made after attempts to sell the business failed.
Although many mums, dads and kids alike will be sad to see Toys 'R' Us go, we're sure they'll take comfort from the fact there are some major bargains to be found in the clearance sales.
With some of their stock and surplus toys said to be available to purchase from as little as 6p, now is the perfect time to stock up on gifts for youngsters.
We're afraid you'll have to brave the chilly weather if you want to get in on the action though, as Toys R Us have suspended all online transactions.
And when it comes to purchases, no refunds will be given if you change your mind about something you've snapped up.
Faulty goods, however, will comply with the normal Toys R Us policy in accordance to your statutory rights. Gift cards and vouchers can be used as payment while shops are still trading.
Confirmation that the business has gone into administration has garnered a mixed reaction online.
My inner child died todayðŸ˜’ I just found out the news ðŸ˜ #ToysRUs— kyle Ferdinando (@KFerdinandoYT) February 28, 2018
'My inner child died today 😒 I just found out the news 😭 #ToysRUs,' said one toy fan on Twitter.
Another added: 'Toys 'R' Us into administration then. Sad times, kids are going to miss out, was magical walking around a toy shop as a kid with your birthday money looking what to buy! Browsing webpages just isn't the same!'
For others, it seems as though a closure has been on the cards for a while.
'I don't think Toys 'R' Us have been in touch with their customers since the late 80s,' piped up another user of the social networking site.