#GlobalNews: « Bid submitted for Toys “R” Us Canada by California toy firm – National » #Toronto #Montreal #Calgary #Ottawa #Canada
A California-based toy firm says it’s bidding for the Canadian operations of Toys “R” Us Inc., the U.S. business large that entered court docket safety from collectors final September.
MGA Entertainment Inc. confirmed in an electronic mail Tuesday it has submitted a bid for the Canadian shops.
READ MORE: Business as regular for Toys R Us Canada amid studies of U.S. liquidation
“Toys “R” Us Canada is an efficient enterprise,” mentioned MGA CEO Isaac Larian in a short emailed assertion.
“They run it efficiently, and have good leadership. At the right price, it makes economical sense.”
The firm, which owns manufacturers equivalent to L.O.L. Surprise!, Little Tikes and Num Noms, refused in a followup electronic mail to provide additional element about how a lot it’s bidding or whether or not it needs to purchase all the chain or components of it.
READ MORE: Will Toys ‘R’ Us stick round in Canada? And different questions, answered
Meanwhile, the U.Okay. department of Toys “R” Us introduced Tuesday it will shutter all 75 places within the nation, and U.S. CEO David Brandon informed the corporate’s staff that it plans to file liquidation papers Wednesday night and promote or shut all its U.S. places, in response to the Wall Street Journal.
WATCH: Toys “R” Us information for chapter safety
The 82 Canadian shops will stay open for enterprise and the corporate will proceed to honour its present buyer insurance policies and child registry, present card and loyalty level packages, mentioned Clint Gaudry, Toys “R” Us Canada’s vice-president of selling and retailer planning.
READ MORE: Toys ‘R’ Us information for chapter safety in Canada, all shops to stay open
The Canadian arm filed for creditor safety in September, a day after the U.S. division filed for chapter.
In January, Toys “R” Us introduced it will additionally shut 180 shops within the U.S. within the coming months.
Toys “R” Us is the newest brick-and-mortar retailer to battle amid rising competitors from on-line retailers and altering client preferences, after Sears Canada filed for CCAA safety in June.
Note: « Previously Published on: 2018-03-14 18:59:20, as ‘Bid submitted for Toys “R” Us Canada by California toy firm – National