Smyths Toys Superstores Buys European ToysRUs Stores

Posted: Apr 23 2018, 3:17am CDT | by , in News | Toys

Smyths Toys Superstores Buys European ToysRUs Stores

Irish Smyths Toys Superstores, founded by four brothers in 1986, expands dramatically with purchase of European ToysRUs stores. Smyth operates 110 stores throughout Ireland and the UK, and it is owned by the Smyth family.

ToysRUs issued the following statement about the sale:

Toys “R” Us, Inc. and Smyths Toys Superstores (“Smyths Toys”) announced on April 21, 2018 that they have entered into a definitive agreement under which Smyths Toys will acquire Toys “R” Us’ operations in Germany, Austria and Switzerland, for a headline enterprise value of €80 million, on a cash-free and debt-free basis, and an estimated aggregate purchase price of €79 million, of which up to €37 million may be escrowed at closing with release subject to certain conditions.

The Company’s Central European business, in fiscal year 2018, is forecasted to generate Adjusted EBITDA of €22 million, after Information Technology and Administrative Support Service Agreement (ITASSA) expense of €5 million and royalties of €13 million. Smyths Toys intends to rebrand the stores under their own banner. The Company’s sale of its Central European business is subject to the approval of the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”).

Smyths will likely rebrand all ToysRUs stores to its own brand. While the European ToysRUs stores have found a new owner, the US ToysRUs stores are still in jeopardy. Isaac Larian will make a new offer for US TRU stores. He lost the bid on the Canadian ToysRUs operation to a Canadian investment firm.

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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.
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