Toys ''R'' Us announced it will be closing its U.S. and U.K. based stores after 70-years in business. 

The company heads to court today to begin the liquidation process after filing for bankruptcy six months ago.

The company announced it will be selling or closing all 800 of its U.S. stores and all of its stores in the United Kingdom. 

Closures could affect as many as 33,000 jobs.

The company is currently $8 billion in debt and has struggled to compete against Amazon, Walmart and Target. 

Gift cards will be honored for the next 30 days, the company says.