Toys ‘R’ Us gets $890 million in bids for U.S. and Canadian stores

By Caroline Salls

Pittsburgh, April 13 – Toys “R” Us has received a formal $675 million bid from MGA Entertainment, Inc. chief executive officer Isaac Larian for its U.S stores and a $215 million offer from Larian to buy the Toys “R” Us stores in Canada, according to an MGA Entertainment news release.

The funds to purchase both the U.S. and Canadian stores will come from Larian, additional investors and bank financing.

“The time is now,” Larian said in the release. “Every day that goes by, the value of Toys “R” Us declines and more people lose their jobs. I did my part and now it's up to the other side to accept this offer. If they do, the real work will begin.

“The liquidation of Toys “R” Us is going to have a long-term effect on the toy business. The industry will truly suffer.”

Toys “R” Us is a Wayne, N.J., toy retailer. The company filed for bankruptcy on Sept. 19, 2017 in the U.S. Bankruptcy Court for the Eastern District of Virginia under Chapter 11 case number 17-34665.

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