Isaac Larian Submitted Big Bid To Save ToysRUs Stores

Posted: Apr 13 2018, 10:49am CDT | by , Updated: Apr 13 2018, 11:08am CDT, in News | Toys

 
Isaac Larian Submitted Big Bid to Save ToysRUs Stores
Credit: Isaac Larian

MGA Entertainment boss comes through with an $890 million bid for parts of ToysRUs.

Toy mogul Isaac Larian (L.O.L., Bratz, Little Tikes,..) has confirmed on LinkedIn that he submitted a bid for ToysRUs Canada business. The auction for the Canadian ToysRUs business unit is next week on Wednesday, April 18.

Update: Larian has now issued a press release announcing his ToysRUs bid. "The time is now. Every day that goes by, the value of Toys"R"Us declines and more people lose their jobs. I did my part and now it's up to the other side to accept this offer. If they do, the real work will begin. We will make Toys"R"Us an experience in and of itself; a fun and engaging place where families can spend an entire day. Imagine a mini-Disneyland in each neighborhood," says Larian in the announcement.

The entrepreneur is putting forth his best effort to save the retailer, knowing the void it will leave if Toys"R"Us ceases to exist. "The liquidation of Toys"R"Us is going to have a long-term effect on the toy business. The industry will truly suffer. The prospect of bringing the Toys"R"Us experience to a new generation, my new grandson's generation, is enough to motivate me to Save Toys"R"Us."

Besides the profitable ToysRUs Canada business with about 80 stores, Larian also wants to save the 274 best performing ToysRUs stores in the US. He told the NY Post that he offers $675 million for the US stores and made a $215 million bid for ToysRUs Canada. That is almost $900 million Isaac Larian pulled together to save a substantial part of the bankrupt toy retailer.

He is giving the company six days to respond. "They either accept or reject it by April 18,” he told the NY Post. "ToysRUs is like a sick patient in the ICU that needs an operation right away."

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. Given Larian's deadline, we should already know next week if Larian gets his shot at saving ToysRUs.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

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