We were devastated with Toys R Us finally shut their doors for good. But it now it seems that there is a glimmer of hope that is toy superstore may be resurrected.
Court documents filed with the USA bankruptcy court has shown the debtors of Toys R Us have decided to cancel a planned auction of the company’s intellectual property, including its brand, rights, website domains as well as the famous mascot Geoffrey the Giraffe, amongst other assets.
The group of hedge funds, who now own the business, have cited the reason behind this move is that there’s a plan in place to potentially open a new Toys R Us and Babies R Us branding company that would maintain the existing global license agreements for the company.
Back from the retail dead
As reported in Smart Company, these new companies would be able to “invest in, and create new, domestic [and] retail operating businesses”, as well as “expand its international presence and further develop its private brands business.”
Basically, with some significant investment, the toy and baby mega-store could be revived.
This is great news for worldwide customers who were vocal in their disappointment once the news of the chain’s demise was shared.
Locally, administrators attempted to find a separate buyer for the Aussie operation, which consisted of 44 stores. However, this was unsuccessful.
The eventual closure of the stores meant around 700 full-time Australian workers lost their jobs.
We’ll be watching this space with much eagerness.
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