For those of us hoping that Toys R Us still had a shot at salvation, those hopes might have been squelched yesterday evening. Various mainstream news agencies reported yesterday that Toys R Us rejected billionaire Isaac Larian's bid to "save" hundreds of Toys R Us stores in the United States and Canada. Larian is the CEO of the toy company MGA Entertainment, home of the popular and highly collectible L.O.L. Surprise Dolls as well as Bratz (competitor to Barbie) and Little Tikes. As of this writing, it is unknown why Toys R Us rejected his bid, perhaps because it was not enough or maybe because it's just time to move on.
Wall Street Journal wrote:Toys “R” Us Inc.’s lawyers and advisers have shot down an 11th-hour offer from a billionaire toy maker that would have kept some of its U.S. stores open, according to a person familiar with the matter.
According to USA Today, Mr Larian was quoted as saying "If this is true, it is very disappointing," Larian said. "It is our hope and expectation that we can continue to participate in the bid process, so we can keep fighting to save Toys “R” Us," he said. ". We feel confident that we submitted a fair valuation of the company's U.S. assets in an effort to save the business and over 130,000 domestic jobs."
In other news related to Toys R Us, the chain has apparently begun turning away gift cards according to the
New York Post. Toys R Us was supposed to accept gift cards through April 21st, though some shoppers have apparently had their gift cards turned away already.
Last month, Larian announced his intention to save as much of Toys R Us as he could via his
#savetoysrus campaign. His efforts were apparently not enough, or perhaps there's more than meets the eye with Toys R Us rejecting his bid. Might someone have bid a higher amount that may have even more grand and apparently quieter plans for the chain? Or is Toys R Us simply another doomed franchise that is yet another casualty of the ongoing retail apocalypse. Time will tell, but be sure to keep following Seibertron.com for all of your latest Transformers news and major announcements about the fate of the beloved Toys R Us chain.