SoCal's Bratz Doll Founder Bids $900M for Toys 'R' Us
16 April, 2018, 22:16 | Author: Wade Massey
Al-Futtaim is the retailer for Toys "R" Us in six countries in the Middle East including the U.A.E., Oman, Bahrain, Egypt, Kuwait and Qatar.
Eight months into the September 18, 2017 Toys "R" Us bankruptcy, with no viable buyer for the North American operations and the asset's enterprise value fading rapidly, Larian made a $900 million bid.
A lawyer for Toys R Us told a bankruptcy court in the USA last week it had received multiple bids of over $US1 billion ($1.29 billion) for the Asian business.
Larian, the founder of MGA Entertainment which makes toys like Bratz dolls, told the Wall Street Journal he's offered $675 million for Toy "R" Us' American stores and further $215 million for the Canadian outlets. The campaign's goal was for $1 billion so that they could purchase all 735 remaining stores, but it wasn't going to ever reach it. As Friedman points out, "driving up the bid price is not in "Larian's" interest".
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Larian said he and the other investors joining him in the offer believe the bids represent "a very fair valuation for the properties". "The industry will truly suffer".
Stuart Biggs, branch manager at Workforce Staffing, said: "We had worked with Toys R Us for four years, filling their vacancies with skilled people in a range of roles at their massive Coventry distribution site, so we knew exactly the sort of talent and experience that the workers had and how they would be ideal for some of our other clients". "The prospect of bringing the Toys" R " Us experience to a new generation, my new grandson's generation, is enough to motivate me to Save Toys" R " Us". Commenting on his plans he said, "Imagine a mini-Disneyland in each neighborhood".
Larian's vision for Toys "R" Us includes turning its stores into entertainment hotspots.
Larian had announced two months ago that he would use GoFundMe crowdsource financing to raise the cash for a $1 billion customer takeover fund of Toys "R" Us, but the effort collapsed after 22 days with 1,955 donors contributing just $59,000.
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