Maybe our childhood isn’t dead after all!
That’s right, it appears that Toys ‘R’ Us might be making a comeback, news welcomed after the storewide shut down that happened a few months ago.
In a new report from Ad Age, Toys ‘R’ Us Inc. lenders, who took control of the company when it was in its liquidation stages, is apparently working towards the company’s revival, that is, according to new court records.
The court report in question was filed on Monday, where it was revealed that while the retailer received bids for the company’s assets – which included the names of its brands Toys “R” Us and Babies “R” Us, the Geoffrey the Giraffe mascot, website domains and more – has decided against the bankruptcy auction of its brand name and other intellectual property assets.
So, instead of the highly anticipated bankruptcy auction, the company is proposing a new reorganizational plan to add its assets into a new company. One that will keep the former’s current license agreements.
The kicker, however, is that under this new company, they can also invest in new retail opportunities, like creating a new “retail operating business” under the Toys ‘R’ Us name.
There’s no word yet as to how many new stores would come from the revival, or what those retail outlets may be, but the news does follow close to what’s been reported in the past.
Toys ‘R’ Us reboot, here’s what was previously reported:
In a past 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.
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.
The news comes after the company filed for bankruptcy in 2017, struggling to pay almost $8 billion in debt.
Would you want to see a Toys “R” Us reboot? Let us know in the comments below!