Investors - APRIL 16, 2018

Toy mogul offers $890m to buy Toys R Us stores in U.S., Canada

by Andrea Zander

Isaac Larian, a toy mogul of MGA Entertainment, has submitted a formal bid to buy Toys R Us stores in the United States and Canada.

The bid is an effort to keep the stores open. Larian offered $675 million for 274 top-performing U.S. stores and $215 million for the Canadian operations of Toys R Us.

Toys R Us filed for bankruptcy in September 2017 and announced March 15 that it was shutting down its operations in the United States and liquidating its assets. Going out of business sales began at all U.S. stores on March 22.

The bid was made after Larian launched a $1 billion GoFundMe campaign to save hundreds of the 735 stores the bankrupt retailer operates in the United States and Puerto Rico, according to Los Angeles Times. Larian won’t use any of those pledges for his actual offer. The crowdfunding effort was designed only to raise awareness, reported CNN.

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