There may be a light at the end of the tunnel for the US division of Toys R Us as MGA Entertainment make a bid for Toys R Us Canada, with hopes of keeping some of the States 700 stores open.
Toyworld Mag take a look at this potential, but at this stage unlikely, lifeline.
MGA Entertainment has made a bid for the Toys R Us Canada operations, a spokesperson for the company confirmed.
The group also plans to perform due diligence on Toys R Us’ US business, with the hope of keeping some of its more than 700 locations open, said Isaac Larian, MGA’s founder and chief executive officer.
“If there is no Toys R Us, I don’t think there is a toy business,” Isaac commented in an interview. “At the right price, it makes economic sense.”
Having said he would put his own money into the effort, a bid was reportedly made yesterday. Isaac declined to say how much money the group has at its disposal, but said that it hired UBS Group AG as an adviser. Moinian Group, a New York-based real estate developer, is working with MGA on an offer, CEO Joseph Moinian said in a phone interview.
