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Billionaire submits bid to save Toys ‘R’ Us

Published: Monday, April 16, 2018 @ 9:14 AM

Retail chain Toys R Us has begun shutting down 144 stores nationwide. Seven of the affected Toys R Us and Babies R Us stores are in Georgia. The chain filed for Chapter 11 bankruptcy protection last September. Gift cards and other customer programs will be honored at closing locations, the company said.

A toy tycoon has submitted a formal bid to purchase 274 U.S. Toys “R” Us stores.

Isaac Larian, the billionaire founder and CEO of MGA Entertainment, submitted a bid of $675 million to buy 274 Toys “R” Us in the U.S. He also bid another $215 million to buy 82 stores in Canada. Larian’s company produces toys like Bratz dolls, Little Tikes and LOL Surprise.

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Larian said he would not be involved in day-to-day operations of Toys “R” U if the bid is accepted, according to The Wall Street Journal.

Toys “R” Us, Inc. voluntarily filed for relief under Chapter 11, in September 2017. In mid-March, Toys “R” Us officials said it was getting ready to close more than 700 U.S. stores, including Babies “R” Us, in a move expected to impact as many as 33,000 workers.

At the beginning of 2018, the chain had more than 800 stores before announcing in January that it would shutter 180 stores.

“To our loyal customers: We’ve seen an amazing outpouring of love and support in recent days and we truly appreciate it,” the company wrote on Twitter. “Our stores are open for business, ready to bring joy to children wherever we can, and to help new and expecting parents navigate raising a family.”

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