MGA Entertainment boss still hopes to save some of ToysRUs.
An important date in the ToysRUs liquidation process is coming up. The auction for the Canadian ToysRUs business unit is next week on Wednesday, April 18. Bidders need to submit their offer by Wednesday this week. Among the bidders will be toy mogul Isaac Larian (L.O.L., Bratz, Little Tikes,..).
Larian confirmed to bid for the Canadian ToysRUs business and select US ToysRUs stores on LinkedIn. He is asking for support from the bankruptcy court, toy suppliers and ToysRUs employees for his bid. He plans to revive ToysRUs and "get it back on its feed and glories."
The MGA Entertainment CEO has pulled together $200 million so far. A crowdfunding campaign he launched on GoFundMe has not really added any significant funds to "save ToysRUs."
Yesterday Larian posted: "Am I crazy for doing this? Maybe. Let’s do it." There are likely other bidders who will compete for the last valuable ToysRUs assets. The announcement who won the bid will be in a Sale Hearing on or before April 23.
ToysRUs stores continue to offer liquidation sales in the next few weeks. Tomorrow, April 11 is another omnibus hearing in the ToysRUs bankruptcy case. The topic will be the numerous motions ToysRUs suppliers like Crayola, Funko and others have filed. The vendors want to get cash for the already supplied inventory that is currently liquidated in stores.
The next two weeks will still be interesting in the ToysRUs wind down. Will it be the definite end of ToysRUs or will ToysRUs make a comeback? Will there even be a future where ToysRUs competes against KB Toys like in the good old days?
