Economy

Billionaire CEO behind 'Bratz' might save Toys 'R' Us

The CEO behind Bratz dolls and Little Tikes toys is officially making his bid for Toys "R" Us.

However, money for the bid on Friday will be Larian's own money, from other investors and some bank financing and not that of the GoFundMe campaign, said a press release from MGA Entertainment Inc., the maker of toys that Larian owns.

If, like me, you've already visited Toys "R" Us twice since plans were announced for the brand to liquidate and bought things just so you could support it, there might be good news coming.

He wants to buy more than 200 Toys "R" Us locations nationwide for $675 million, and is offering $215 million for more than 80 stores in Canada.

Previously, Larian tried to raise $1 billion to save Toys "R" Us through a crowdfunding campaign. Toys R Us is having liquidation sales throughout the U.S.

In September, Toys R Us filed bankruptcy after declining sales for several years due to losing business to online retailers like Amazon and others.

Now it's up to the court that is overseeing the auction of Toys "R" Us' assets to approve the bid and move forward, and Larian knows time is of the essence. "The industry will truly suffer. The prospect of bringing the Toys R Us experience to a new generation, my new grandson's generation, is enough to motivate me to save Toys R Us".

Larian said he believes close to 130,000 jobs in the USA could be lost, not only those at Toys R Us, but suppliers, distributors, trucking businesses and other companies that have a tie to the toy retailer. But he won't tap any of those pledges for his actual offer, and those who pitched in will get their money back, according to the spokesperson.

His vision for the chain includes turning the stores into entertainment hotspots. "Imagine a mini-Disneyland in each neighborhood". Larian could certainly be accused of never wanting to grow up and remaining a Toys "R" Us kid.



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