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

In the future, it’ll be Ford trucks — and only Ford trucks
In the future, it’ll be Ford trucks — and only Ford trucks

Ford Motor Co. is basically a truck company — or it soon will be. In its first quarter 2018 earnings announcement Wednesday, Ford said that by the year 2020, almost “90 percent of the Ford portfolio in North America will be trucks, utilities and commercial vehicles.” “Given declining consumer demand and product profitability...
Breweries, food, entertainment making up for Elder-Beerman loss at local malls
Breweries, food, entertainment making up for Elder-Beerman loss at local malls

After an unsuccessful bid to partner with another mall owner to buy Elder-Beerman, Washington Prime posted mostly positive first quarter earnings. Net income for the first quarter of 2018 was $14 million, or $0.07 per diluted share, compared to $9.3 million, or $0.05 per diluted share, a year ago. The year-over-year increase in net income was primarily...
As nearby states battle hepatitis A outbreaks, is Ohio next?
As nearby states battle hepatitis A outbreaks, is Ohio next?

The number of hepatitis A cases in Ohio and neighboring states has spiked since January, the Ohio Department of Health reported, concerning some local public health officials. There have been 47 cases across the state, the highest since 2015, according to the state. In comparison, there were five cases during the same period in 2017, two in 2016 and...
Charming Charlie emerges from bankruptcy, but there’s a catch
Charming Charlie emerges from bankruptcy, but there’s a catch

Charming Charlie is no longer bankrupt, but there’s a catch. The popular teen jewelry and accessories retail said it successfully completed its financial restructuring, emerging from Chapter 11 bankruptcy. However, it closed around 100 stores in the process and reduced its corporate employee number, the chain announced. “Today marks a fresh...
Local school districts hire Vermont firm to scan social networks for threats
Local school districts hire Vermont firm to scan social networks for threats

Public schools in Montgomery and Warren counties have begun using a scanning tool to watch one billion social media posts and blog streams for “potential threats in the areas of security, public safety, harm, wellness or acts of violence,” according to a contract establishing the relationship in Warren County. The service is being provided...
More Stories