Toys 'R' Us is close to closing all of its U.S. stores and liquidating all merchandise unless a last-minute rescue emerges, according to several reports.

Bloomberg and several other business publications cited sources familiar with the situation saying the global toy retailer's financial position is worsening as it attempts to emerge from Chapter 11 bankruptcy.

Toys 'R' Us announced plans in January to close 180 of its nearly 800 stores. But results from the holiday shopping season were worse than expected.

The decision to close all 800 U.S. stores is not final and could change if a turnaround plan is announced.