A new report suggests Toys R Us might be shuttering all of its stores nationwide.

Bloomberg News reports the company is making preparations for a liquidation of its bankrupt U.S. operations since it has yet to find a buyer or reach a debt restructuring deal with lenders.

The once-mighty toy store chain was $5 billion in debt when it filed for bankruptcy protection in September. Officials had hoped the U.S. operations would emerge with a new business model and less debt.

Chairman and CEO Dave Brandon said in a letter in January that some stores would begin closing in February.