The CEO offered $675 million to buy more than 200 of Toys R Us’ remaining U.S. locations
16 April, 2018, 15:32
Now it's up to the court that is overseeing the auction of Toys "R" Us' assets to approve the bid and move forward, and Larian knows time is of the essence.
CEO and founder Isaac Larian of San Fernando Valley-based MGA built a wildly profitable empire over the last two decades selling Bratz and Lalapoloopsy fashion dolls, big-eyed Moxie teen dolls, Bratzillaz witches, and Little Tykes toys. The company said in March it would shut or sell all its USA stores.
Larian recently led the biggest crowdfunding effort to date, aiming to raise $1 billion via GoFundMe in an effort to rally the community around the cause.
Larian said he and the other investors joining him in the offer believe the bids represent "a very fair valuation for the properties". "Imagine a mini-Disneyland in each neighborhood".
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A lawyer for Toys R Us told a bankruptcy court in the United States last week it had received multiple bids of over $US1 billion ($1.29 billion) for the Asian business. The entrepreneur is putting forth his best effort to save the retailer, knowing the void it will leave if Toys" R " Us ceases to exist.
Isaac Larian said Friday that he's entered a formal offer of $675 million to buy numerous Toys "R" Us stores in the United States, along with an additional $215 million for Toys "R" Us stores in Canada.
Reuters reported that Toys "R" Us received a number of bids in excess of $1 billion for an 85 percent share of the Asian operations of the dominant toy retailer in the booming market. "The industry will truly suffer". "The prospect of bringing the Toys" R " Us experience to a new generation, my new grandson's generation, is enough to motivate me to Save Toys" R " Us".
Toys R Us has a six-day period to accept or decline the offer, Larian told NorthJersey.com in an interview. Toys R Us declared bankruptcy in September and then announced the closure of its stores in March. "I want to preserve that innocent experience for future generations".
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