Sunday, 22 July, 2018

Van Nuys Toy Mogul Makes Bid for Toys R Us Store

Goldstone Retail Park closure date set When is Leicester's Toys R Us shutting? Closing date confirmed for Highcross store
Orlando Vargas | 14 April, 2018, 05:28

Billionaire Isaac Larian is making a bid to save toy giant Toys R Us.

Isaac Larian, founder of Bratz maker MGA Entertainment, said he has bid $675 million to buy the USA stores of Toys "R" Us as well as $215 million to buy the Canadian stores.

Toys-R-Us filed for bankruptcy last fall.

MGA said the funds for the purchase will come from Larian's own coffers, additional investors and bank financing.

Toys "R" Us announced early in March that they were planning to close all 735 stores and liquidate their inventory.

"Imagine a mini-Disneyland in each neighborhood", Larain explained.

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"I did my part and now it's up to the other side to accept this offer", Larian said in a statement. He started the crowdfunding effort with an initial investment of $200 million and since that time, it has raised another $59,000.

However, Larain says the liquidation of Toys "R" USA would have a negative impact on the toy industry.

The liquidation of Toys R Us, which threatens more than 30,000 jobs, would be the end of a company burdened with $5 billion in debt and hurt by shifting currents including online shopping. "The toy industry is going to suffer".

"We will make Toys "R' Us an experience in and of itself; a fun and engaging place where families can spend an entire day".

Larian is the CEO of MGA Entertainment, the company behind products such as LOL Surprise and Bratz dolls. I wanted to stay a Toys "R" Us kid.

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