The massive liquidation of retail toy giant Toys 'R' Us begins Thursday, with more than 700 locations in the U.S. and Puerto Rico set to shutter by June, according to the company's plans.  

The timetable was disclosed Tuesday at a hearing in U.S. Bankruptcy Court in Richmond, Va. during a hearing seeking court approval for the sale plan. 

Dave Brandon, Chairman and Chief Executive Officer, said, “I am very disappointed with the result, but we no longer have the financial support to continue the Company’s U.S. operations. We are therefore implementing an orderly process to shutter our U.S. operations and will pursue going concern sales or reorganizations of certain of our international businesses, while our other international businesses consider their options.”

Joseph Malfitano of liquidation specialists Malfitano Partners, described the Toys R Us sell-off as "probably the largest retail liquidation in the country's history."

Meanwhile, the Associated Press is reporting that Isaac Larian, CEO of Bratz doll-maker MGA Entertainment, says he and other investors have pledged a total of $200 million in financing and hope to raise four times that amount in crowdfunding in order to bid for up to 400 of the Toys R Us stores being liquidated in bankruptcy.

Toy makers including Lego and Mattel had fought to save the retailer in court. Larian's company relies on Toys 'R' Us for nearly 1 in every 5 sales, AP reports.