ToysRUs Kills Isaac Larian's Bid To Save ToysRUs Stores

Posted: Apr 18 2018, 4:02am CDT | by , Updated: Apr 18 2018, 4:27am CDT, in Toys

 

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ToysRUs Kills Isaac Larian's Bid to Save ToysRUs Stores
Credit: Isaac Larian

WSJ reports that ToysRUs is not accepting Larian's $890 million bid for parts of ToysRUs.

ToysRUs will not be saved by Isaac Larian. The toy mogul Isaac Larian (L.O.L., Bratz, Little Tikes,..) was the most public bidder on ToysRUs, but his bid has been declined by the ToysRUs bankruptcy managers reports the Wall Street Journal.

The MGA Entertainment CEO made a bid for the profitable ToysRUs Canada business with about 80 stores and 274 best performing ToysRUs stores in the US. He and his investors bid $675 million for the US stores and $215 million bid for ToysRUs Canada. That is almost $900 million Isaac Larian pulled together are apparently too low.

"The offer didn’t meet the qualified bid threshold under the court-approved auction procedures," the WSJ source said. Mr. Larian has as of Tuesday not received any information about the status of his bid.

"If this is true," he said, "it is very disappointing. We feel confident that we submitted a fair valuation of the company's US assets," Larian said to CNNMoney, adding that he wants to "keep fighting to save Toys "R" Us.

Larian's plan was to make ToysRUs stores a shopping experience where families can spend an entire day. I had suggested that early on, modeled on the Bass Pro Shops at the Pyramid in Memphis.

Who the other bidders in the ToysRUs auction for the Canadian business are and what their plans are is not known. The auction for the Canadian ToysRUs business unit is supposed today, April 18 at 10 am ET. The ToysRUs case page on PrimeClerk has been updated though saying the auction is on April 23. The court documents still reflect April 18 as date.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Manfred "Luigi" Lugmayr () is the founding Chief Editor of I4U News and brings over 25 years experience in the technology field to the ever evolving and exciting world of gadgets, tech and online shopping. He started I4U News back in 2000 and evolved it into vibrant technology news and tech and toy shopping hub.
Luigi can be contacted directly at ml[@]i4u.com.

 

 

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