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After the liquidation of the popular Toys ‘R’ Us and Babies ‘R’ Us stores, the decision to keep them closed has made a quick u-turn with a possible comeback
On Monday, a group of hedge funds who closed down the retailers canceled the plan to auction off the brand name and other intellectual property assets.
According to filed court papers, they did receive qualified bids for assets including the brand names of Toys “R” Us, Babies “R” Us, registry lists, website domains, Geoffrey the Giraffe and more.
With that taking place, the funds that own the brands are now planning to revive the Toys “R” Us and Babies “R” Us brand names.
The court papers continue to state that Toys “R” Us’s proposed a reorganization plan with the vision of,
“a new, operating Toys ‘R’ Us and Babies ‘R’ Us branding company that maintains existing global license agreements and can invest in and create new, domestic, retail operating businesses” under the brand name.
Since the closing of the retailers, the toy industry has taken major losses. Losing Toys “R” Us left an $11 billion hole with hundreds of vendors with nowhere to sell their products.
Not only did it affect the toy industry, but it affected families. With 800 stores being closed, at least 33,000 people were left without jobs. Since then, it’s being reported that workers are still trying to obtain their severance pay.
With this news, we hope to see things making a quick turn around not only for the toy industry but for those families who are now looking for work.
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