After Toys ‘R’ Us closed all of its US stores in June, it considers a re-opening.
Toys ‘R’ Us closed all of its US stores in June as part of a bankruptcy liquidation, but a comeback is possible.
Through a court filing this week, the owners of the toy company’s remaining assets are looking into reboot the business, as well as the related Babies “R” Us brand.
After the company filed for bankruptcy a year ago, with the plans to use the reorganization process to shed debt and remain in business, owners planned to auction off the rights to its name and the Babies “R” Us brand, but recently decided to cancel the auction, as it has reconsidered to “create new, domestic, retail operating businesses under the Toys “R” Us and Babies “R” Us names, as well as expand its international presence and further develop its private brands business.”
The bankruptcy auction would have offered bids on company assets such as brand names, registry lists, website domains, and rights to the company’s mascot, Geoffrey the Giraffe.
The company’s proposed reorganization plan includes the possibility of opening new retail locations.
Global investment firm KKR, and private equity firm Bain Capital have agreed to contribute a combined $20 million to Toys “R” Us employees that had been fired.
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