With the news breaking that Toy R Us will close all of its remaining 800 US stores by the end of the year, what will happen to your unused gift cards?

UPDATE- TOYS R US ISSUES STATEMENT ON GIFT CARDS

U.S. Sen. Charles Schumer has asked the Federal Trade Commission to protect consumers holding Toys R Us gift cards that will become useless by the end of 2018. According to New York Upstate, Schumer has asked the FTC to take action that would guarantee consumers could exchange gift cards for cash. That way, you won't go home empty handed.

Schumer, in his letter to FTC Acting Chairwoman Maureen Ohlhausen, asked the agency to make sure the company follows federal laws in any liquidation and gives consumers the option to receive cash for their unused gift cards.

"It would be a sad toy story if those same consumers got gamed by a Toys R Us closure and were left holding useless gift cards that were intended to bring a smile to the face of a child," Schumer said."

If this goes through, Toys R Us would have to exchange cash for your gift cards before closing up shop. Currently the FTC will determine how many unused gift cards have been sold by Toys R Us and move forward.

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