Toys R Us is set to officially make a comeback as the controlling lenders of the company choose to cancel the bankruptcy auction.
Just after a few months of liquidation of the company, the new owners have decided to make a comeback.
The names Toys R Us, Babies R Us and other associated names with the brand were closed in the spring and the announcement was made that it would sell off international operations and shut down in the US.
The first news of the company filing for bankruptcy came out in September, 2017. The CEO of the company, Dave Brandon, addressed the concerns of the company’s future financial status and said:
“Our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide.”
However, now, Toys R Us is reviving, Geoffrey LLC. will own assets, data and trademarks of the brand. We will have to wait now to see if it actually turns into toys stores or not.
According to the Wall Street Journal, the anticipated auction of the company was canceled and the new controllers are all prepared to relaunch Toys R us and Babies R Us.
Previously, the news of shutting down of Toys R Us broke the heart of every millennial, but it now looks like something good is coming out of the disaster.
The new plans of Toys R Us envisions:
“A new, operating Toys “R” Us and Babies “R” Us branding company that maintains existing global licenses agreements and can invest in and create new, domestic, retail operating businesses.”
It seems there is a hope that Toys R Us will fill the gap in the market which they left months back. Their comeback is also expected to bring employment opportunities with it.