There’s hope yet for Toys R Us.
Toys R Us won’t go the way of the dodo after all, according to court filings this week.
According to Reuters, the company’s debtors have cancelled the absolute auction, and plan to revive brand.
A new Toys R Us and Babies R Us branding company is in the planning stages, and it will “maintains existing global license agreements,” according to the report. This will also allow for investment in opening up new retail stores and “private brands business.”
The toy and games retailer filed for Chapter 11 bankruptcy back in September 2017. The company hoped the filing would give it time to reorganize as it owed lenders around $5 billion.
Reuters said much of the debt could be attributed to a $6.6 billion “leveraged buyout by private equity firms in 2005.”
In March of this year the company decided to instead sell off all assets in Asia, Canada, and Europe. It also shut down all stores in the US.
That’s good news, then. Toys R Us was a fun store – even for grown-ups.