The future of the firm in the UK and 3,200 jobs is hanging in the balance after the pension lifeboat said it will not back the retailer's rescue plans unless it agrees to pay £9 million into its pension fund.
The firm has already announced the closure of its store in Doncaster Lakeside next year but a branch in Doncaster's Frenchgate Centre and two other outlets in Sheffield are also under threat unless a deal can be struck.
The Pension Protection Fund (PPF) has said it intends to vote against restructuring plans put forward by Toys R Us on Thursday - a move that could plunge the embattled chain into administration.
The PPF is demanding that Toys R Us makes the payment to secure three years' worth of funding upfront for its defined salary staff pension scheme, which has a shortfall of between £25 million and £30 million.
But it is believed Toys R Us does not have enough cash to meet the PPF demands.
There are now fears the chain could go under before Christmas - meaning you need to get spending your gift cards NOW.
Here's what you can do now:
* If you’ve bought goods already, unpack them and check that everything is working and not damaged. You have 30 days to return a purchase that’s damaged and get a full refund, so if the gifts aren’t up to scratch, get them back now.
* When a firm goes bust, vouchers and gift cards are virtually useless - the advice is to spend them or get a refund now
* If you've ordered something, but it's not arrived yet, then whether you get your cash back back depends what state the company is in as well as how far along the dispatch process your order got when the company entered administration. You can sometimes simply get a refund or even just receive the product as normal