Toy industry insiders have revealed that a former Toys R Us CEO is working with investors to resurrect the iconic retailer.
The final Toys R Us stores in the US are closing down after the company went bankrupt, with the toy retail destination disappearing from countries around the world. Now, Toy News is reporting that former Toys R Us CEO Jeremy Storch has been working on a plan to resurrect the chain, advised by Credit Suissee Group AG. His intention is open a few hundred stores containing toys and baby brands, a similar experience to the one customers found before Toys R Us went into liquidation.
In analysis of the information, Bloomberg and CNBC have suggested that in order to see through his plan, Storch will need to win a bankruptcy auction for the Toys R Us IP, that will be held one month from now.
Although the picture around the world has been mixed, Toys R Us stores have closed in the USA, the UK and many other territories.