Toys ‘R’ Us sets bid procedures for sale of shared services business

By Caroline Salls

Pittsburgh, Oct. 10 – Toys “R” Us, Inc. requested court approval of the bid procedures for the proposed sale of its shared services business, according to a motion filed with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The company said the business is being sold by the Toys “R” Us – Delaware Inc. debtor. The shared services business includes information technology and administrative support services.

Toys “R” Us said it believes that the proposed sale process will afford the most likely purchasers of the business, the now or soon-to-be independent regional enterprises and the Taj debtors’ noteholders, the opportunity to competitively bid for the assets and assume responsibility for the operations of the business.

As part of the marketing process, the company said it has agreed to a credit bid cap of $575 million, subject to a minimum overbid of $500,000.

Bids are due by 5 p.m. ET on Oct. 21.

An auction will be held on Oct. 22, if necessary.

The company is seeking an Oct. 24 sale hearing.

Toys “R” Us is a Wayne, N.J., toy retailer. The company filed for bankruptcy on Sept. 19, 2017 under Chapter 11 case number 17-34665.

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