10-02-2018, 07:12 PM | #1 |
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Toys R Us bankruptcy auction canceled, brand set for revival
https://www.polygon.com/2018/10/2/17...-us-bankruptcy
The IP was simply too valuable to give up Toys R Us will live to see another day, as its controlling lenders choose to pull out of the bankruptcy auction. The Wall Street Journal reports that Toys R Us’ controlling lenders “intend to revive the business behind the Toys ‘R’ Us and Babies ‘R’ Us brand names.” The goal is to “create new, domestic, retail operating businesses” while maintaining its licensing of certain products worldwide, according to court documents filed Monday, as reported by the Journal. The company’s lenders decided to reverse the order after speaking to controlling parties and deciding the brand was too valuable to give up. Toys R Us representatives first announced that the company was filing for bankruptcy protection in September 2017. Dave Brandon, CEO and chairman of Toys R Us, addressed concerns about the company’s financial future at that time in a statement. That statement can be read below. Our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide. Since then, Toys R Us closed and sold all 735 remaining stores in the United States and ended sales on its website. The Wall Street Journal also reported that “the absence of Toys ‘R’ Us has also left an $11 billion hole in the toy industry.” Polygon has reached out to Toys R Us for more information. |
10-02-2018, 07:38 PM | #2 |
Overlord
Join Date: Feb 2004
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Meh, somebody just bury that dead horse.
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10-02-2018, 07:46 PM | #3 |
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I was sort of hoping that this would turn out like a Hostess thing....
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10-02-2018, 08:24 PM | #4 |
Annalist
Join Date: Jul 2004
Posts: 16,435
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Wow. Did not see that coming.
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10-02-2018, 09:50 PM | #5 |
The Franchise
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I'll celebrate when I can walk into a Toys R Us store again and walk out with a bunch of sh*t I absolutely don't need.
Until then, it's all just words. Here's hopin', though.
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10-02-2018, 10:00 PM | #6 |
So tired of this place
Join Date: Mar 2009
Location: Shell Ri La
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Unless they fix all the aspects that sucked beforehand, like overcharging, damaged/outdated stock, etc, I don't care.
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10-03-2018, 01:53 AM | #7 |
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TRU never closed in my country. I bought Animal Crossing Happy Home Designer at TRU a few weeks ago. Probably didn't close in many other European countries either.
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10-03-2018, 02:39 AM | #8 |
Foot Elite
Join Date: Aug 2006
Location: AZ
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10-03-2018, 04:24 AM | #9 | |
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Quote:
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10-03-2018, 05:12 AM | #10 |
Foot Elite
Join Date: Aug 2006
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Ya I don’t really believe that though. I just like the conspiracy jokes because a lot of people assume the worst about stuff. Makes me laugh.
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10-03-2018, 07:10 AM | #11 |
Overlord
Join Date: Feb 2004
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Seems like this has all the signs of a corporate desperate to still profit off their brand while trying to get out of debt obligations. I still say that world might be better off without TRU (but I thought the same thing about Twinkies too).
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10-03-2018, 12:34 PM | #12 |
Megan Fox = April
Join Date: Feb 2005
Location: Tokio, Italy
Posts: 9,999
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As I posted in the closing of TRU thread the industry needs a toy store to buy toys so companies can profit and other cool products can be made, even if you hated TRU it was good for the industry in general. Also TRU didn't close because it was doing especially bad, it just couldn't pay its debt it irresponsibly gathered.
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10-03-2018, 02:39 PM | #13 |
Team Blue Boy
Join Date: Jun 2014
Location: U.S., East Coast
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Would that lead to some stores reopening?
Was just past mine today, probably the first time since it closed, and was kind of surprised to see their signs are still up on the building. Curious what this will do to KB's comeback plans and if it had any part of it, an old competitor threatening to jump on the empty territory. |
10-09-2018, 06:45 PM | #14 |
Rat-faced Dude-guy
Join Date: Feb 2004
Location: Arkansas
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So, how 'bout that toy store....
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10-09-2018, 06:46 PM | #15 |
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i am complain, why work retail |
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