Billionaire Toy Tycoon Bids $890 Million To Save Toys "R" Us

Andrew Cummings
April 13, 2018

While the impending closure of the longtime toy store has dismayed millions across the country who grew up as Toys "R" Us kids, as the jingle goes, the loss of a key retailer is particularly acute for toymakers like MGA Entertainment. Isaac Larian said Thursday he's disappointed but still plans to formally submit a bid this week for more than 300 stores in the US and Canada.

"The liquidation of Toys "R" Us is going to have a long-term effect on the toy business", said Larian, whose privately held company is based in Van Nuys, California. He's offering to buy more than 200 U.S. Toys "R" Us locations for $675,000,000. He will finance the bids using his own money, supplemented by bank and investor financing, the Times adds.

However, Larain says the liquidation of Toys "R" United States would have a negative impact on the toy industry.

Toys R Us said in March that it was closing its 740 USA stores and some overseas operations after struggling under heavy debt and other challenges, but it planned to keep Canadian operations running. It unveiled plans in March to close or sell its 735 stores across the USA, including its Babies "R" Us stores.

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

Toys R Us' troubles have already shaken some big toy makers like Mattel and Hasbro.

"We will make Toys "R" Us an experience in and of itself; a fun and engaging place where families can spend an entire day", he said in his statement on Friday.

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