Toys ‘R’ Us rejects bid from toy mogul
A last-minute bid by a billionaire toy tycoon to keep some Toys “R” Us stores up and running has fallen flat.
The retailer rejected an offer from Isaac Larian, founder and CEO of toy maker MGA Entertainment Inc., to buy 274 U.S. Toys “R” Us stores, reported CNN Money. The $675 million bid reportedly was too low.
The funds to purchase the stores would have come from Larian’s own coffers, additional investors and bank financing, the privately held MGA stated.
Larian previously had started a campaign on the crowdfunding website GoFundMe to raise $1 billion to save the bankrupt chain. The longshot effort brought in pledges for about $200 million.
Toys “R” Us is in the process of liquidating its U.S. operations.
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