Toys R Us Reportedly Coming Back After Bankruptcy Auction Cancelled
Did you miss Toys R Us after all 735 of their stores closed earlier this year? Well, the company’s biggest lenders pulled it from a bankruptcy auction and are planning on reviving the brand!
By austind03 on October 2, 2018
Did you miss Toys R Us after all 735 of their stores closed earlier this year? Well, we have good news: it’s coming back!
According to Polygon, it appears the toy store is getting a new lease on life after controlling lenders made the choice to pull the brand out of a bankruptcy auction.
While Toys R Us was heading for the chopping block, the lenders decided the brand was too valuable to lose. In a surprising move, they now are looking to revive the businesses behind the toy chain and Babies R Us.
The Wall Street Journal reported creating a “new, domestic, retail operating businesses” is the new goal for lenders. They also plan to maintain its worldwide licensing of certain products.
Since declaring bankruptcy in September 2017, all U.S. Toys R Us stores closed and all online sales ended. This lead to an $11 billion dollar hole in the toy industry, reports the Wall Street Journal.
As no further information is public yet, we will just have to wait and see what happens.
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