Toys R Us rejects Isaac Larian’s $675m bid for US stores

Toys R Us has rejected a bid from Isaac Larian, the CEO of MGA Entertainment, that would have kept open some of the bankrupt US retailer’s stores.

The $675m bid from Larian for the company’s US stores was ‘significantly below’ the value Toys R Us expected to earn through its liquidation, according to a person familiar with the matter.

Larian had also offered the company $215m to purchase its stores in Canada.

Larian, who Forbes magazine estimated had a net worth of $1bn, said he had noy yet been notified that Toys R Us had rebuffed his offer. He added that if it was true it “is very disappointing.’

“It is our hope and expectation that we can continue to participate in the bid process, so we can keep fighting to save Toys R Us,” he said. “We feel confident that we submitted a fair valuation of the company’s US assets in an effort to save the business.”

News of the rejection was first reported by Wall Street Journal. Toys R Us has declined to comment.

About Robert Hutchins

Robert Hutchins is the editor of ToyNews and its sister title, Licensing.biz. He has worked his way from Staff Writer to Editor across the two titles, having spent almost eight years with both and what now seems like a lifetime surrounded by toys. You can contact him by emailing robert.hutchins@biz-media.co.uk or calling him on 0203 143 8780 You can even follow him on Twitter @RobGHutchins if ranting is your thing...

Check Also

The Entertainer confirms Quiet Hours shopping when its stores re-open on April 12th

With lockdown restrictions easing further and retailers oiling up the door hinges for the nation’s …