Many consumers across the United States were saddened to hear about the ending of Toys ‘R’ Us after the beloved chain closed all of its stores in late June. But, now a group of investors are planning a comeback for Geoffrey the giraffe and the Toys ‘R’ Us team! Take a look at the details regarding the revival of Toys ‘R’ Us.
After months of liquidation sales, Toys ‘R’ Us and Babies ‘R’ Us closed all of its 700-plus locations as they were struggling to maintain their staggering $5 million debt. But on Tuesday, a group of secured lenders said in a bankruptcy court filing that they were canceling an auction for Toys ‘R’ Us assets despite receiving a number of qualified bids.
Toys ‘R’ Us became an instant success when Charles Lazarus built the Toy ‘R’ Us chain by himself, originally starting as a small furniture store. He changed his focus towards the children demographic as the shifting demographics suggested that it would be a booming market!
Now, the future of Toys ‘R’ Us seems to be bright as investors are working with potential partners to develop new ideas for stores in the U.S. and other countries “that could bring back these iconic brands in a new and reimagined way.“