While it seemed likely, we now know for sure-- Toys R Us is liquidating all its U.S. stores.

And you've got a limited time to use up those Toys R Us gift cards!

An article last week from Bloomberg shared that Toys R Us had plans to liquidate all  their U.S. stores after filing for bankruptcy in September and experiencing an under-performing holiday season.

The company had failed to comment- until now. USA Today reports that in a Bankruptcy Court filing March 15, Toys R Us states it must liquidate-- likely leading to the closure of all its stores.

Toys R Us has determined

 "the best way to maximize their recoveries is to liquidate the existing inventory in all...735 remaining U.S. stores and begin an orderly wind-down of the U.S. operations."

According to CNN Money, about 31,000 employees will lose their jobs.

While an exact closing date for the stores has not been announced, it's being speculated that most locations will close within two months.

So what should you do if you've got a Toys R Us gift card? Use it!

Toys R Us spokesperson Taylor O'Donnell told USA Today via email that they would honor gift cards for the next 30 days, WZZM 13 reports.