The CEO of MGA Entertainment, a Los Angeles-based privately held toy and entertainment company responsible for such brands as Little Tikes and L.O.L. Surprise, is bidding to buy the Toys“R”Us stores in the U.S. and Canada, it was disclosed Friday.
Isaac Larian revealed he has put in a formal bid of $675 million for the U.S. locations and $215 million for the Canadian outlets of Toys“R”Us, the once-thriving toy store chain based in Wayne that announced last month it was closing more than 700 brick-and-mortar stores, also including its Babies“R”Us brand.
The money, according to a statement from Larian, is coming from himself, additional investors and bank financing. Larian recently led the biggest crowdfunding effort to date, as he looks to raise $1 billion via GoFundMe.
"The time is now. Every day that goes by, the value of Toys"R"Us declines and more people lose their jobs,” he said. “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."
Toys“R”Us is buried in debt and has struggled to keep up with competitors such as Amazon and Walmart. The company said its holiday season sales were particularly low, yet another reason leading to the decision to close its retail outlets.