Isaac Larian, the CEO of the toy company MGA Entertainment, on Friday bid $890 million for more than 300 Toys R Us stores in the USA and Canada.
Based in Van Nuys, Calif., MGA Entertainment owns the Bratz, Little Tikes and Num Nums brands.
Larian is looking to buy more than 200 of the remaining 735 locations in the USA, and nearly all of more than 80 locations in Canada, a spokesperson said. "The industry will truly suffer". Toys R Us Inc.is an American toy retailer headquartered in New Jersey, USA.
Toys "R" Us did not comment on the proposed purchase.
Toys R Us said in March that it was closing its 740 USA stores and some overseas operations after struggling under heavy debt and other challenges, but it planned to keep Canadian operations running.
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The company said in March that it would shut or sell all its USA stores after a failed turnaround bid.
A "Going Out Of Business" sign hangs over the Toys R Us store logo in Omaha, Neb., Monday, April 9, 2018. I wanted to stay a Toys "R" Us kid. The crowdfunding effort was designed only to raise awareness, she said.
Toy company MGA Entertainment said on Friday it put in an $890 million bid for Toys "R" Us stores in the USA and Canada.
"Imagine a mini-Disneyland in each neighborhood", Larain explained. He will finance the bids using his own money, supplemented by bank and investor financing, the Times adds.
"Every penny it made went to paying the debt service", he said in an interview with CNNMoney last month.