Toys R Us — once an iconic global brand based in New Jersey — is changing hands. Again.
A little more than two years after it was bought out of bankruptcy by Tru Kids, a Parsippany-based company run by a former TRS executive, the brand was sold to WHP Global, a New York-based brand management company that specializes in distressed companies.
WHP CEO Yehuda Shmidman said Monday that the company has bought a controlling interest in Tru and will now manage its business and growth.
“We are thrilled to be taking the reins of the world’s leading toy brand at a time when the category is up 16% and consumer demand for toys is at an all-time high,” he said.
Shmidman told CNBC that the company plans to open Toys R Us retail stores — he’s just not sure where (not necessarily malls), how (ideally, popups) and when (holiday time seems the most likely).
“We really have an opportunity not just to capture that experience for toys that people are yearning for, but also capture where (people) want to shop,” he told CNBC. “That will be very interesting post-COVID.”
Toys R Us and Babies R Us remain a global brand. They have more than 900 branded stores in more than 25 countries — in Europe, Africa, Asia and Australia.
Shmidman said the brand was a good fit for WHP. Retailers Anne Klein and Joseph Abboud already are a part of WHP.
