It appears that Toys R Us may be on its way back as the Wall Street Journal is reporting that the retail store canceled its planned bankruptcy auction.
This auction would have included selling off the Toys R Us brand, the Babies R Us brand, Geoffrey the Giraffe, registry lists, and website domains, along with the rest of the company’s assets. Instead, a group of investors plans to revive the beloved retailer.
The group wants to create a “company that maintains existing global license agreements and can invest in and create new, domestic, retail operating businesses under the Toys “R” Us and Babies “R” Us names”.
Toys R Us closed its last store in late June. The company had filed for bankruptcy in September of 2017 and reportedly “faced $400 million in debt”. Toys R Us CEO Dave Brandon put out an official statement on the closings, saying:
“There are many people and organizations who have remained in our corner every step along the way, I want to thank our extraordinary team members who helped build Toys R Us into a global brand. I also want to express my appreciation for my colleagues on our board who have continued to provide support to sustain the brand and our operations throughout the restructuring process. I would also like to thank our vendors who we owe a great deal of gratitude to for their decades of support. This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”
We will keep you updated as we get more information.
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