The recent announcement that beloved and awesomely iconic retailer Toys”R”Us is closing didn’t take many by surprise: the long-time toy-selling giant has seen better days. And following a bankruptcy decision, it seems like the chain just never recovered. But don’t count your child’s absolute favorite place on Earth out yet, as another major player in the toy game may come to the rescue as a potential buyer for the bankrupt Toys”R“Us chain of stores.
CEO of MGA Entertainment Inc., Isaac Larian, is on a mission of sorts. The entrepreneur—who now heads the company that brought you Little Tykes and the stupendously popular L.O.L. Surprise! dolls—recently put out a bid in to buy Toys”R”Us stores in both the United States and Canada. Following the announcement that TRU is closing, Larian started a #SaveToysRUs GoFundMe campaign with the aim of raising $1 billion
Even though the crowdfunding campaign didn’t reach its goal original, Larian didn’t let the lack of funds get to him. Instead, it’s reported that the CEO is using a combination of his own money, bank financing and additional investments to make a bid.
Larian’s bid now includes $675 million for the U.S. chain and another $215 million for stores located in our neighbor to the north, according to a press release. Larian noted, “The liquidation of Toys”R”Us is going to have a long-term effect on the toy business. The industry will truly suffer. The prospect of bringing the Toys”R”Us experience to a new generation, my grandson’s generation, is enough to motivate me to Save Toys”R”Us.”
What do you think about this new proposal to buy the toy retailer? Share your thoughts in the comments below.
Featured Photo: Phillip Pessar via Flickr