Toys R Us is preparing for liquidation, sources who aren't authorized to talk publicly about the matter confirmed Thursday.

The chain appears to be running out of time, and money.  Pushing closer to having to close the doors of the entire chain.  Its leaders have failed to find a buyer or reach a new debt financing deal with its lenders.

The company in recent weeks has told workers at its going out of business sales that it doesn't have enough money to pay severance.

A hearing scheduled for bankruptcy court has been postponed three times this week, signaling that the company's reorganization plan could be collapsing.  Here's more from USA Today.