Last year, it became apparent that retail giant Toys R Us was in trouble. The company has been struggling with nearly $5 billion in debt, which forced it to file for bankruptcy in 2017. The next step for Toys R Us is to close down 182 stores across the United States, with the shutdowns to begin in early February and continue until April of this year.

Closing down these 182 stores will reduce the number of Toys R Us locations by about 20 percent. It will also be converting some of its remaining Toys R Us stores into a Toys R Us/Babies R Us combo, which should also go a long way in helping the company save on real estate in the long run.

Click here to see if your local Toys R Us store will be one of the locations closing in February.

While it may be disappointing for some that Toys R Us is closing down 182 stores, it does make financial sense for the company. Previously, Toys R Us CEO Dave Brandon described the company's many leases as a "substantial burden." By giving up some of these leases, it should relieve some financial pressure and put the company in a better position to bounce back from its financial woes of the last few years.

Of course, Toys R Us isn't the only brick and mortar store that has been suffering. The rise of online shopping has put a significant dent in the traditional retail industry, with giants like RadioShack going out of business and even stores like GameStop feeling the burn. Considering this, Toys R Us may need to completely reinvent itself if it hopes to stay relevant in today's market.

Whether or not Toys R Us is able to regain its former prominence remains to be seen. However, this strategy should at least put Toys R Us in a better position to pay off some of its debt and keep its other locations open and operating for the time being.