And so the saga to keep one of the most iconic toy retailers afloat continues. Toy mogul Isaac Larian’s campaign to save Toys”R”Us, in a bid reportedly worth $675 million, was rejected. The CEO of MGA Entertainment, the company behind Bratz dolls and Little Tikes put in a bid last week to keep the remaining 735 U.S. locations and 80 Canadian stories open. But sadly, the well over half a billion-dollar figure just wasn’t enough.
According to The Los Angeles Times, Larian decided to drop his bid for the Canadian stores. This is light of a tentative agreement between billionaire Prem Watsa’s investment firm Fairfax Financial Holdings and Toys”R”Us for a $237 million sale (of 82 Canadian stores only).
As for Larian, it’s still possible that he’ll reassess the value of the remaining U.S. stores and resubmit a new bid for more than 200 stores. Of course, with Toys”R”Us’s massive liquidation sale, the value of the company is progressively heading downwards.
But then again, can you really put a price tag on Geoffrey the Giraffe and his special brand of childhood magic?
Do you think someone will buy Toys”R”Us and keep it open? Share your thoughts with us in the comments below.
Featured Photo: Phillip Pessar via Flickr