Toys R Us May Be Coming Back Next Year!
Current lenders, that have control of the Toys R Us brand, filed court documents today to restart the brand. Read on for more details!
According to Polygon, the current controllers of the Toys R Us brand felt that all bankruptcy auction bids for it’s name and trademarks were too low, and now they intend to start up the company again.
The Wall Street Journal reports that Toys R Us’ controlling lenders “intend to the revive business behind the Toys ‘R’ Us and Babies ‘R’ Us brand names.” The goal is to “create new, domestic, retail operating businesses” while maintaining its licensing of certain products worldwide, according to court documents filed Monday, as reported by the Journal. The company’s lenders decided to reverse the order after speaking to controlling parties and deciding
the brand was too valuable to give up.
Obviously, any effort they put into this won’t be in time for the 2018 holiday season, so expect to hear more about this development next year.
For those of you that don’t remember Toys R Us closed all of it’s US stores this past year, while it’s international stores remained opened. Although many people blame Amazon for it’s failure, CNN Money reports that it was the $6.6 billion of debt given to it by companies such as KKR and Bain Capital that killed this once beloved toy store franchise. Bain Capital also is responsible for the second biggest toy retailer, KB Toys, also going bankrupt back in 2008.
Discuss this and more in our Forum thread, in our Discord server, @AllsparkNews on Twitter, or in our Facebook group!