Billionaire submits bid to save Toys ‘R’ Us


A toy tycoon has submitted a formal bid to purchase 274 U.S. Toys “R” Us stores.

Isaac Larian, the billionaire founder and CEO of MGA Entertainment, submitted a bid of $675 million to buy 274 Toys “R” Us in the U.S. He also bid another $215 million to buy 82 stores in Canada. Larian’s company produces toys like Bratz dolls, Little Tikes and LOL Surprise.

» CONTINUED COVERAGE: 5 retailers closing stores in Ohio this year

Larian said he would not be involved in day-to-day operations of Toys “R” U if the bid is accepted, according to The Wall Street Journal.

Toys “R” Us, Inc. voluntarily filed for relief under Chapter 11, in September 2017. In mid-March, Toys “R” Us officials said it was getting ready to close more than 700 U.S. stores, including Babies “R” Us, in a move expected to impact as many as 33,000 workers.

At the beginning of 2018, the chain had more than 800 stores before announcing in January that it would shutter 180 stores.

“To our loyal customers: We’ve seen an amazing outpouring of love and support in recent days and we truly appreciate it,” the company wrote on Twitter. “Our stores are open for business, ready to bring joy to children wherever we can, and to help new and expecting parents navigate raising a family.”

FIVE FAST BUSINESS READS

• No retail apocalypse for these companies: 5 retailers opening stores in 2018

• Franco’s Ristorante Italiano owner dies

• Former DP&L power plants to lay off 370 workers in Ohio

• Amazon looking to buy abandoned Toys ‘R’ Us storefronts

• Check out this $1 million home for sale in Clearcreek Twp.



Reader Comments ...


Next Up in Business

Regional manufacturer plans $4M-plus expansion, 63 new jobs
Regional manufacturer plans $4M-plus expansion, 63 new jobs

Forklift and equipment manufacturer Crown Equipment Corp. is planning a more than $4 million expansion at its New Knoxville facility, an application for a building permit indicates. The expansion at 7587 Ohio 219 will cover 57,460 square feet and is valued at $4,061,037, according to a building permit application filed last month. The expansion is...
Better contracts, ‘auto ID’ tech help CDO find its groove
Better contracts, ‘auto ID’ tech help CDO find its groove

Over the past 24 months, Dayton defense contractor CDO Technologies has seen significant growth. The information technology and cyber-security company on Springfield Street has grown both its federal and commercial businesses and that’s a strategy Al Wofford, CDO founder and president, intends to keep pursuing. CDO has “not quite tripled&rdquo...
Target offering special deals today after Amazon Prime Day
Target offering special deals today after Amazon Prime Day

Target Corp. wants to offer customers more deals after Prime Day. Target’s one-day sale is for everybody — no membership required. On Tuesday, July 17 only, consumers can save big on dozens of deals across Target.com. Guests who spend $100 or more will receive a free six-month membership for same-day delivery, shopped...
Mattress Firm hiring for intern who will get paid to sleep
Mattress Firm hiring for intern who will get paid to sleep

Mattress Firm is hiring for a “Snoozetern,” an intern who will get paid to sleep. The mattress retail chain is searching for someone who can put their rest to the test. The “Snoozetern” will test out beds and create written and video reviews for Mattress Firm’s social platforms and MattressFirm.com. The intern will also...
Why the Ohio Auditor wants school districts to have online fundraising policies
Why the Ohio Auditor wants school districts to have online fundraising policies

Although teachers across the state are using online tools to raise money for extra classroom resources, a majority of Ohio school districts may lack policies regarding crowdfunding. According to an Ohio State Auditor survey of school districts, less than half of respondent districts had policies regarding crowdfunding. Around one fifth of the state&rsquo...
More Stories