Bratz doll maker MGA Entertainment said on Friday its billionaire founder and chief executive, Isaac Larian, had made an $890 million bid for Toys ‘R’ Us stores in the United States and Canada.
Larian has offered $675 million for U.S. stores and $215 million for Canadian stores, MGA said in a statement.
‘The liquidation of Toys ‘R’ Us is going to have a long-term effect on the toy business. The industry will truly suffer,’ Larian said in a statement, obtained by Money CNN.
Bratz doll maker MGA Entertainment said on Friday that founder Isaac Larain had made a $890million bid for Toys ‘R’ Us
Larian has offered $675 million for U.S. stores and $215 million for Canadian stores, MGA said in a statement
‘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.’
The funds to purchase the stores will come from Larian’s own coffers as well as from other investors and financing from banks, said privately held MGA, which also makes Little Tikes and Lol Surprise toys.
‘The liquidation of Toys ‘R’ Us is going to have a long-term effect on the toy business. The industry will truly suffer,’ Larian said in a statement
Toys ‘R’ Us filed for bankruptcy in September in the face of strong competition from online retailers such as Amazon.com Inc.
‘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. ‘Imagine a mini-Disneyland in each neighborhood.’
Once the largest U.S. toy retailer, Toys ‘R’ Us abandoned a plan to emerge from bankruptcy last month and said it would try to maintain more profitable locations in Europe and Asia as an on-going business while liquidating its U.S. and U.K. operations.
‘Everyday 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,’ Larian said in a statement.
Larian also led a crowdfunding effort through GoFundMe to raise $1 billion in an effort to buy the iconic toy retailer. The campaign has raised over $200 million till date.
Earlier this month, Toys ‘R’ Us lawyer Joshua Sussberg said the company received multiple bids of more than $1 billion for an 85 percent stake in its Asian business as it plans to sell some non-U.S. operations.
The funds to purchase the stores will come from Larian’s own coffers as well as from other investors and financing from banks