Published: Sat, April 14, 2018
Economy | By

Billionaire Isaac Larian makes bid for Toys 'R' Us

Billionaire Isaac Larian makes bid for Toys 'R' Us

Isaac Larian, chief executive of Van Nuys toy maker MGA Entertainment Inc., has made an $890 million offer to buy the Toy R Us retail chain out of bankruptcy. "Now it's up to them to accept".

"OK. I followed through on my part", Larian wrote on LinkedIn late Thursday. "Imagine a mini-Disneyland in each neighborhood". But on April 6, he rewrote the store's theme song to honor the time he spent with the company and the family rapport he had with his colleagues.

Front view of a Toys R Us store with closing down signs in the window.

The money, according to a statement from Larian, is coming from himself, additional investors and bank financing.

The company drew multiple offers of over US$1 billion for its Asian business, a lawyer for Toys "R" Us said Wednesday in bankruptcy court. Larian previously started a GoFundMe campaign to help keep Toys "R" Us open, with the page showing pledges of about US$200 million. "It's sad that Toys R Us is coming to an end", she told ABC.

The 82 Canadian Toys "R" Us outlets, which operate independently of the USA division, drew initial interest from several bidders, including Larian, who confirmed a bid for the Canadian assets in mid-March.

MGA Entertainment's L.O.L. Surprise Tots were the No. 1 best-selling toy a year ago, according to NPD Group Inc., a New York-based retail market research firm. "The industry will truly suffer", Larian said.

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