Billionaire Toy Tycoon Bids $890 Million To Save Toys "R" Us

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However, Larain says the liquidation of Toys "R" USA would have a negative impact on the toy industry.

Larian has offered $675 million for USA stores and $215 million for Canadian stores, MGA said in a statement.

Bratz doll maker MGA Entertainment said on Friday its billionaire founder and chief executive, Isaac Larian, had made an $890 million bid for Toys "R" Us stores in the United States and Canada.

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The funds to purchase the stores will come from Larian's own coffers as well as from other investors and financing from banks, said privately held MGA, which also makes Little Tikes and Lol Surprise toys. Larian, who had said he would use his own money for the bid, said he was baffled and said they were public companies thinking about the short term.

MGA Entertainment, which also produces Little Tikes and is based in Van Nuys, California, has almost 1 in every 5 sales of its products rung up at a Toys R Us store.

Toys "R" Us filed for bankruptcy last fall.

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The 82 Canadian Toys "R" Us outlets, which operate independently of the USA division, drew initial interest from several bidders, including Larian, who confirmed a bid for the Canadian assets in mid-March. He also says he'll pay an additional $215,000,000 for more than 80 Canadian stores.

During its heyday, commercials for the stores would often end with the phrase "I want to be a Toys "R" Us kid!" It unveiled plans in March to close or sell its 735 stores across the USA, including its Babies "R" Us stores.

Toys "R" Us declined to comment. "Imagine a mini-Disneyland in each neighborhood".

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