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 U.S. and Canada.
Larian is the CEO of MGA Entertainment, the company behind products such as LOL Surprise and Bratz dolls.
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. "The industry will truly suffer", he said in a statement.
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A "Going Out Of Business" sign hangs over the Toys R Us store logo in Omaha, Neb., Monday, April 9, 2018.
Larian, the CEO of the toy company MGA Entertainment, on Friday bid $890 million for more than 300 Toys R Us stores in the U.S. and Canada.
"Everyday that goes by, the value of Toys "R" Us declines and more people lose their jobs".
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Saddled with debt and facing competition from firms such as Amazon, Toys "R" Us filed for bankruptcy protection in the United States last fall. The company announced plans last month to shut down or sell all of its us stores. I wanted to stay a Toys "R" Us kid. 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. MGA Entertainment making a US$890 million bid for Toys R Us stores in Canada and the U.S.
Larian said the money he bid will come from his own funds, additional investors and bank financing. "Imagine a mini-Disneyland in each neighborhood".
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