Published: Mon, April 16, 2018
People | By Neil Grant

Billionaire makes bid to save Toys R Us from closing

Billionaire makes bid to save Toys R Us from closing

Toys "R" Us, the children's toy retailer-which is in the middle of a worldwide shutdown-is hopeful of survival after billionaire toy mogul Isaac Larian's MGA Entertainment bid $890 million to buy more than 300 stores in the USA and Canada.

Biggs added: "We spent three days on site at Toys R Us, speaking to and registering candidates who wanted to find alternative work". The big difference here, of course, is that all of this money is coming from Larian's coffers, other investors, and bank financing, as opposed from the public. "The industry will truly suffer". "The prospect of bringing the Toys" R " Us experience to a new generation, my new grandson's generation, is enough to motivate me to Save Toys" R " Us". On March 23 all Toys "R" Us and Babies "R" Us stores began liquidation sales.

Toys "R" Us announced its plans to shut down its operations of more than 700 stores in the USA on March 15 after the toy retailer declared bankruptcy.

Around 40 candidates were signed up by Workforce Staffing, which has found jobs for Toys R Us staff in various roles with companies across the region - from production and general operative positions, through to maintenance engineers and team leaders.

Larian's crowdfunding effort was always, in the best of scenarios, a long shot.

Larian's bid included $215 million for the company's 80 Canadian stores and another $675 million that would, according to a spokesperson for Larian, preserve 200 stores in the U.S. The move follows a crowdfunding campaign led by Larian to raise $1 billion to save the toy store chain that only managed to raise $60,000 beyond Larian's startup donation of $200 million.

"We will make Toys "R" Us an experience in and of itself; a fun and engaging place where families can spend an entire day", he said in his statement on Friday. Commenting on his plans he said, "Imagine a mini-Disneyland in each neighborhood". The CEO has blamed the company's demise on its private equity owners, which saddled the company with debt.

"Every penny it made went to paying the debt service", he said in an interview with CNNMoney last month.

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