Toys 'R' Us gets US$890m bid for US-Canada stores

Toys 'R' Us gets US$890m bid for US-Canada stores

Larain runs toy-maker MGA Entertainment.

Billionaire toy marketer Isaac Larian offered to save Toys "R" Us from liquidation with an nearly US$900 million bid for its stores in the USA and Canada that relies in part on crowdfunding.

Toys "R" Us did not comment on the proposed purchase.

Isaac Larian, CEO of Van Nuys-based MGA Entertainment Inc., which manufacturers Little Tikes toys and Bratz dolls, placed the bid Friday, after last month launching a GoFundMe to raise millions to save the beloved Toy Store. "The industry will truly suffer", Larian said.

However, Larain says the liquidation of Toys "R" U.S. would have a negative impact on the toy industry. Larain would use a combination of his own money, financing and investors to foot the bill. He, along with other investors, also plans to bid $215 million for the Canadian business of 82 stores.

More news: Football Manager Touch 2018 gets a surprise launch on Switch

Toys "R" Us, once the largest USA toy retailer, abandoned last month a plan to emerge from bankruptcy.

The company said in March that it would shut or sell all its United States stores after a failed turnaround bid.

The Toys R Us crowdfunding effort was a long shot to start with, as Larian touted plans to try to save 400 USA stores, or more than half of those set to liquidate in the coming weeks. I wanted to stay a Toys "R" Us kid.

The company filed for bankruptcy in September, hoping to shed debt and turn around the business, but after dismal sales during the holiday season, it opted to liquidate instead.

Related Articles