Retailer Toys R Us has gone into administration, placing 3,000 jobs at risk.
The company has entered administration after a failed attempt to sell the business, bringing to an end days of speculation over the future of the retailer.
Stores will continue to trade until further notice and much of the stock will be subject to clearance discounts and other special promotions.
The group has outlets in Solihull, Merry Hill in Dudley, Oldbury and Coventry while the company announced last year it would be shutting its Birmingham and Tamworth stores this spring.
This latest development does not affect its global business outside of the UK.
Simon Thomas and Arron Kendall, partners at Moorfields Advisory, have been appointed joint administrators today.
A statement said: "Following the failure to attract a buyer for the business prior to administration, the administrators are conducting an orderly wind-down of the company's store portfolio.
"In the event there are any parties interested in acquiring all or part of the business and/or assets of the company, they should contact the joint administrators as soon as possible for further information."
Mr Thomas added: "We will make every effort to secure a buyer for all or part of the business.
"The newer, smaller, more interactive stores in the portfolio have been outperforming the older warehouse-style stores that were opened in the 1980s and 1990s.
"While this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided.
"We have informed employees about the process this morning and will continue to keep them updated on developments."
Gift cards and vouchers will continue to be honoured while the stores continue to trade but administrators are urging customers to redeem such vouchers as soon as possible as stores may be subject to closure without notice.
No further gift cards will be sold from today.
Deposits paid by customers under Take Time To Pay Agreements towards larger purchases will be honoured provided the outstanding balance is paid and the goods collected by March 11, 2018.
Alternatively, customers can use their deposits towards the cost of any in-store purchases provided that these are also completed by March 11, 2018.
Customers will no longer be able to order goods online or use the click and collect facility and are therefore encouraged to attend the stores.
All outstanding click and collect orders placed online will be fulfilled in the ordinary course of business, subject to the stock continuing to be available.
Founded in 1985, Toys R Us is one of the UK's largest toy retailers with over 100 stores nationwide and over 1,500 stores worldwide in 33 countries and also trades as Babies R Us for the baby market.
