In addition to online platforms like Amazon.com Inc, analysts have pointed to Walmart Inc, Target Corp, JC Penney Co Inc, Kohls Corp and Bed Bath & Beyond as chains that could pick up market share from Toys "R" Us.
Toys R Us shoppers have been taking their last selfies with Geoffrey the giraffe and making their final purchases.
In the less than two days since Johnpiere posted the image on Facebook, it has been shared almost 300,000 times.
Toys "R" Us filed for Chapter 11 bankruptcy protection in September hoping to restructure some US$5 billion (S$6.8 billion) in debt, much of which stemmed from a US$6.6 billion leveraged buyout by private equity firms in 2005. We made a decision to visit the icon toy store one last time before it closed its doors forever.
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Many people have reacted to the images on Twitter, sharing their sadness that a piece of their childhood has been shuttered.
Tracey Mobley, who worked at Toys R Us for 25 years, said not providing severance to employees was "heartbreaking", during an interview with WPTV.
"Thanks for recommendation. You know what they say, Geoffrey when one door closes.another one opens!"
However, on a more positive note, the 16-foot tall statue of Geoffrey that greeted visitors at Toys R Us headquarters in Wayne, New Jersey will continue to make children happy at a hospital in the state.