Could Toys R Us stores return to the retail landscape?
It’s not out of the question, as the holding company that owns the rights to the Toys R Us Inc. intellectual property has decided to keep the assets rather than auctioning them off through bankruptcy proceedings, according to a news release issued this week.
The company said the release that the new ownership group, made up of existing secured lenders and other investors, is working with potential partners to develop reimagined Toys R Us and Babies R Us stores in the U.S. and elsewhere.
Geoffrey LLC had marketed the assets — through investment bank Consensus — and received what it described as “several formal and informal proposals.” However, now, the company has said this proposal by the investor group is the best one when compared with others solely or in aggregate.
A reorganized Geoffrey LLC will control the portfolio of trademarks and other assets that includes the Toys R Us and Babies R Us businesses in all global markets except Canada, plus brands including Imaginarium, Koala Baby and others.
Transition of the business to these investors is subject to the approval of the U.S. Bankruptcy Court.
Wayne-based Toys R Us shut down its stores and closed up shop in the spring.
Read more from ROI-NJ on Toys R Us:
- Party City hopes to fill Toys R Us void with ‘Toy City’ pop-ups
- Toys R Us says it is selling off global assets
- Toys R Us, the last 48 hours: Chaos, then a sense of calm — and even gratefulness
- Toys R Us tells employees the company will be liquidated
- Editor’s Desk: At Toys R Us, CEO couldn’t find secret sauce for success