MGA founder and CEO, Isaac Larian has spoken out in support of Toys R Us, following the retail chain’s filing for bankruptcy.
“Oh my God, they are very important, and people don’t understand,” Larian told Bloomberg. “That’s the only place where kids can go and just buy toys. There is no toy business without Toys ‘R’ Us.”
Last year the chain accounted for 11 per cent of Mattel’s annual sales and 9 per cent for Hasbro, and analysists have predicted the toymakers will continue to support Toys R Us, in hopes that their debt repayments will be prioritized.
Shares of Mattel and Hasbro appeared to fall after rumours broke on Monday that their second-biggest customer would soon be filing for Chapter 11 bankruptcy, however, they have since marginally rebounded.