Former Toys ‘R’ Us CEO planning to reboot store
It looks like a potential reboot of Toys "R" Us might be in the works.
In a new report from Bloomberg, unnamed sources have said that former Toys "R" Us CEO Jerry Storch has been in contact with multiple investors to see if a reboot of the beloved toy chain would be possible.
According to the report, in order for the reboot to actually happen, Storch's company will have to win over the rights to Toys "R" Us' "intellectual property" from a bankruptcy auction that is scheduled to happen within a month.
As the article points out, while a reboot isn't impossible, but it might be a long process, which means that a revival wouldn't happen in the near future.
Further details of the potential revival of the beloved toy retailer are scarce, due to the privacy of Storch's meetings, it appears as though it might not be something that's completely out of the question.
Toys "R" Us announced its original plans to sell or close all 800 U.S. stores, a plan that soon turned into the retailer closing all locations.USAToday
The news comes after the company filed for bankruptcy in 2017, struggling to pay almost $8 billion in debt.
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