Toy company CEO makes $890M bid for Toys"R"Us stores"

Toy company CEO makes $890M bid for Toys

Isaac Larian, the CEO of the toy company MGA Entertainment, on Friday bid $890 million for more than 300 Toys R Us stores in the USA and Canada.

Larian wants to buy more than 200 Toys R Us locations in the U.S. for $675-million.

The closure of all 800 of the Toys R Us stores in the USA and all 105 in the United Kingdom came with a massive jobs fallout, as more than 36,000 were sent looking for work in both countries.

The funds to purchase the stores will come from Larian's own coffers, additional investors and bank financing, the privately held toy and entertainment company said.

Toys "R" Us has already begun liquidation sales at all its stores.

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During its heyday, commercials for the stores would often end with the phrase "I want to be a Toys "R" Us kid!"

"Imagine a mini-Disneyland in each neighborhood", he said.

"I followed through on my part", Larian wrote on LinkedIn late Thursday. He started the crowdfunding effort with an initial investment of $200 million and since that time, it has raised another $59,000. "The industry will truly suffer", Larian said. "Everyday that goes by, the value of Toys R Us declines and more people lose their jobs". If Larian does win the bid, he says he plans to remake the stores as a fun and engaging place where families can spend the day.

Larian is the CEO of MGA Entertainment, the company behind products such as LOL Surprise and Bratz dolls.

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