This bad news for parents and kids, Toys 'R' Us is rumored to be in talks to go away forever.

UPDATE: As of March 14, The Wall Street Journal reports that employees were told today that the Toys 'R' Us stores will all shut their doors, with up to 33,000 jobs at risk.

I will never forget the first time I saved up all of my allowance to buy a mini yellow Super Soaker at Toys"R"Us.

It was a huge deal and even though I knew what I wanted to buy, I spent at least an hour checking every aisle to make sure I was spending my money correctly.

According to multiple sources, including Bloomberg, that options will not be available for future kids.

Bloomberg says, 'Toys “R” Us Inc. is making preparations for a liquidation of its bankrupt U.S. operations.'

Which would mean a bunch of things.

First, you won't have Toys"R"Us stores to go to and shop for toys.

Second, you won't be able to shop online either...

Third, and possibly more importantly, if you currently have some Toys"R"Us returns in your car, or gift cards in your purse, take care of them immediately!

Catch Midday Michelle on 97 ZOK from 10 a.m. to 3 p.m. Follow her on Twitter, Instagram, and Facebook.