MGA Entertainment CEO Isaac Larian on Friday offered $675 million for the U.S. stores, and $215 million for Canadian stores.
“I haven’t yet been notified of the bid rejection but if this is true, it is very disappointing,” Larian said in a statement. “It is our hope and expectation that we can continue to participate in the bid process, so we can keep fighting to save Toys“R”Us. We feel confident that we submitted a fair valuation of the company’s US assets in an effort to save the business and over 130,000 domestic jobs.”
The Wall Street Journal first reported that Toys“R”Us had turned down Larian’s offer.
Once the largest U.S. toy retailer, Wayne-based Toys“R”Us announced last month it was closing more than 700 stores, also including its Babies“R”Us brand.