The company has officially gone into administration despite months of back-to-back failed rescue talks.
All stores will continue trading until further notice, but customers have been warned to act quickly if they still have gift cards.
Stores are selling off hundreds of products at 25 per cent in a major closing down sale.
However, gift cards were only accepted until the March 11 deadline.
Toys R Us have said on their website: “Gift cards and vouchers will be honoured until Sunday, 11 March. There are no refunds for cash value on any gift cards.”
All stock will be subject to clearance discounts and other special promotions, the firm added.
Toys R Us was founded in 1985 and is one of the UK’s largest toy retailers with more than 100 stores nationwide and over 1,500 stores worldwide in 33 countries.
The announcement the store had gone into administration comes two months after its US parent company filed for bankruptcy.
The move will also put 3,000 jobs at risk, although trading will continue in stores until further notice.
Shoppers are no longer be able to order goods online or use the “click and collect” tool.
All existing orders will be fulfilled, “subject to the stock continuing to be available”.
Toys R Us added that: “No exchanges for non-faulty items may be accepted and no refunds will be given.”
If you have a concern about your item, or want a refund/exchange, your first point of call should be to go in store to try and resolve it.