Toys R Us destroyed by "vultures" says MGA boss

Outspoken industry veteran Isaac Larian has slammed "greedy hedge funds" and Toys R Us' lawyers for the retailer's insolvency.
Author:
Publish date:
Screen Shot 2018-03-01 at 13.59.57

MGA is one of the toy industry's biggest firms, responsible for such blockbuster toys as Bratz and recent collectable phenomenon L.O.L. Surprise.

The company's president and CEO, Isaac Larian has long been a great supporter of Toys R Us, stating in the past that "there is no toy business without Toys R Us." Now that the UK arm of the retail chain has entered into administration, Larian has some harsh words for the people he feels are to blame for Toys R Us' collapse.

"The UK news on TRU is very sad and heartbreaking," begins Larian. "I cannot imagine toy business without Toys R Us. If Toys R Us goes out in the USA, I don’t see any other retailer taking that business." 

When asked what has led the retailer to this outcome Larian cites "vultures" behind the scenes.

"Toys R Us was destroyed by greedy hedge funds who milked every penny out of it and, whatever is left, is being sucked out by lawyers and 'advisers' and administrators and trustees. I call this group vultures," he continues.

"Other retailers simply don’t have the room to support what Toys R Us offers. This will Have devastating effect for the whole toy industry and will limit product innovation."

There is still time for an administrator to salvage the whole or parts of Toys R Us' business in the UK, but as it stands it looks likely that the chain's 105 UK stores may close, axing up to 3200 jobs. Toys R Us' US business filed for bankruptcy in September 2017.

"It’s very sad," Larian laments. "Toys R Us brand is very very valuable. I hope someone with long-term vision sees that and buys before it’s too late."

Related

Featured Jobs

GAMEPLAN LOGO 3D hi res

Marketing Director UK

Gameplan I Southeast of England I Salary: Competitive I Date Published Monday 7th January 2019

Rainbow logo landscape_home of classic Final

Product Manager

Rainbow Designs Ltd I Olympia, London I Salary: Competitive I Date Published Wednesday 16th January 2019