It was just a week ago that Toys 'R' Us announced they would be closing all of their remaining U.S. stores, bringing an end to an American institution for kids. Now we know the liquidation of remaining merchandise, and those store closures, are going to happen quickly.

A U.S. Bankruptcy Court hearing has revealed the discounts should officially begin today at the stores, including all Iowa locations. It should be noted that some stores had already discounted some items, but today those discounts are expected to go storewide.

Prices on Toys 'R' Us items will be lowered as much as 25 percent on a weekly basis. If you wait, you might get a better deal. However, when an item is gone, it's gone. The sales will be run by Toys 'R' Us through the middle of May. At that point, liquidators will be brought in to sell everything else. All stores are expected to close by the end of June.

If you have a Toys 'R' Us gift card, use it quick. Those are likely only going to be accepted for about three more weeks. Also, don't expect to be able to return anything you buy from this point forward. Liquidation sales are typically final.