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Related: Local toy stores are thriving as Toys “R” us is dying Ray Wimer, an assistant professor of retail practice at Syracuse University, said he expects discounts to start on the low end, around 20% to 30%, but they’ll eventually climb to 75% to 80% off.The company could not provide specifics, but liquidation dates may vary across stores.

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But it’s unclear whether items purchased in stores will be eligible for return through the Toys “R” Us website after stores are shutdown.

(CBS News) -- Toys "R" Us is expected to start court proceedings to liquidate as soon as Thursday. The retailer, which declared bankruptcy in September, was unable to convince creditors to refinance its more than $5 billion in debt, a crushing load that experts say hampered its ability to adapt to the growth in online shopping, among other consumer trends.

Bankruptcy attorneys told CNNMoney that most locations will likely shut their doors within the next two months, and Toys “R” Us will pay employees through the next 60 days.

Related: The history of Toys “R” Us “Based on my experience, they can’t survive much longer.

Venezuela is at a political crossroads, with an all-important parliamentary election set to take place in December.

Meanwhile, the Venezuelan economy continues to deteriorate as the state seeks to stave off default and a brewing financial crisis.They have to pay rent, they can’t afford to stay open much longer than that,” said Chuck Tatelbaum, a director with Tripp Scott, a Florida law firm.Toys “R” Us is “holding back” on liquidating about 200 of its best performing US stores in the hopes that it will find a buyer, CEO Dave Brandon told employees. The company says it will maintain its online registries and web store for the next “few weeks,” Brandon said.But PDVSA is also seeking to work with bond holders to extend the deadlines for short-term debt until 20.The comments from del Pino highlight the growing difficulty Venezuela is having in dealing with the collapse of crude prices.Liquidating Toys "R" Us would to the largest layoff in the retail sector since at least 2015 and would be 12th-largest job cut announcement since 1993, trailing the 34,000 people who lost their jobs when Circuit City went out of business in 2009, according to Challenger, Grey & Christmas, an executive outplacement firm.

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