Toys "R" Us, the children's toy retailer-which is in the middle of a worldwide shutdown-is hopeful of survival after billionaire toy mogul Isaac Larian's MGA Entertainment bid $890 million to buy more than 300 stores in the USA and Canada.
It looks like GoFundMe won't be the way to save Toys "R" Us, but Isaac Larian has a new plan to save the longtime toy giant. If they do, the real work will begin.
According to a statement released by MGA Entertainment, which is the toymaker of Little Tikes, Bratz dolls, and Lalaloopsy dolls, the funds to buy Toys "R" Us stores will come from a combination of Larian's own wealth, investments from additional investors and through bank financing. "The industry will truly suffer", he said in a statement.
Australian Toys "R" Us stores look likely to survive the turmoil caused by the collapse of their U.S. parent company, as buyers reportedly start looking to secure the Asian and Australian business operations. "Imagine a mini-Disneyland in each neighborhood". "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".
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Larian has also had about $252 million to date committed through a crowdfunding effort aimed at raising $1.3 billion to keep stores open, but the campaign doesn't cover Canadian stores.
Toys R Us has a six-day period to accept or decline the offer, Larian told NorthJersey.com in an interview. For over 65 years, Toys" R " Us has played a vital role in the growth, education and creative development of millions of children, giving Larian his first break when he entered the business more than 30 years ago. The consummate entrepreneur, Larian won the Ernst & Young Entrepreneur of the Year award in 2007.
Toys R Us announced in March that it would shut down or sell all its United States stores but Larian says the liquidation would have a negative impact on the industry. "I want to preserve that innocent experience for future generations".