Could it be that the best toy store ever will be making it’s way back for our shopping pleasure? The company, who closed all of its US stores in June as part of a bankruptcy liquidation, may be reopening its doors soon. A group of investors said in a bankruptcy court filing Tuesday that it’s canceling an auction for Toys “R” Us assets, CBS News reported.
Toys “R” Us planned to auction off the rights to its name and the Babies “R” Us brand, with bidders already making offers for them, according to the filing. But the company’s owners canceled the auction. The investors believe they’ll potentially do better by reviving the toy chain, rather than selling it off.
The company said they are considering “a new, operating Toys ‘R’ Us and Babies ‘R’ Us branding company,” the plan would be to “create new, domestic, retail operating businesses under the Toys “R” Us and Babies “R” Us names, as well as expand its international presence and further develop its private brands business.”
Toys R Us was drowning in a massive $5 billion debt before liquidating its U.S. assets this year. Toys “R” Us filed for bankruptcy a year ago, with plans to shed their debt and remain in business. But after a bad Christmas season, the company announced back in March that it would close its remaining 800 US stores and go out of business for good.
The closing of the huge toy chain, which has been a family favorite for generations, had many saddened. The news of the company, which maintained its headquarters in Wayne, New Jersey, making comeback has many people going crazy with excitement. Maybe they’ll be back for a much more successful Christmas season this year? — we sure hope so!