Toy's R Us is reportedly going out of businesses, sources told CNBC, dashing hopes that the company could reemerge from bankruptcy. 

The storied retailer with over 50 years of history is preparing a liquidation plan, according to CNBC, after reportedly missing payments to some vendors this week. 

Toys R Us filed for bankruptcy in September, listing $4 billion in liabilities. The company then struggled during the crucial holiday season, seemingly sealing its fate. 

Toy makers Mattel Inc. (MAT) - Get Report and Hasbro (HAS) - Get Report have fallen in recent weeks due to concerns about the demise of one of their largest partners, but Hasbro CEO Brian Goldner recently told TheStreet that he isn't worried about life without the retailer. 

"Our retail footprint is bigger than ever before. We don't see a long-term impact of from the Toys R' Us bankruptcy," Goldner said.