Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada

Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada

Friday, March 16th, 2018 4:34am CDT

Category: Company News
Posted by: Va'al   Views: 11,632

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Bringing us up to speed on the latest of the Toys'R'Us troubles, we now have both an official press release from the company, and an email sent to Canadian users of the country's chain of stores, both commenting on two sides of the issue that has been developing rapidly this past couple of weeks.

The press release, in fact, confirms with further detail what we reported in a previous article, about the international repercussions of the closure of all US stores, while also adding that a transition period of 60 days has been set up to develop a strategy that would allow to minimise that impact.

This also seems to be proven by the email shared by Canadian Seibertronian Kanrabat, in which the company confirms plans to maintain all stores open for as long as possible in the future. There are also some additional comments at this time about an alternative solution circulating, with regards to toy company MGA Entertainment directly acquiring the Canadian branches:

A California-based toy company says it is bidding for the Canadian operations of Toys “R” Us Inc., the U.S. industry giant that entered court protection from creditors last September. MGA Entertainment Inc. confirmed in an email Tuesday it has submitted a bid for the Canadian stores.


“Toys “R” Us Canada is a good business,” said MGA CEO Isaac Larian in a brief emailed statement. “They run it efficiently, and have good leadership. At the right price, it makes economical sense.”

The company, which owns brands such as L.O.L. Surprise!, Little Tikes and Num Noms, refused in a followup email to give further detail about how much it is bidding or whether it wants to buy the entire chain or parts of it.



A final note about these events, as rightly raised by another Seibertronian member chuckdawg1999: the closure and liquidation means that 33000 workers are losing their job in the US alone. And while the feelings towards the childhood company and memories are at everyone's mind's forefront right now, please also consider the employees who will be working their final shifts right now.

Press release:

WAYNE, N.J., March 15, 2018 /PRNewswire/ -- Toys"R"Us, Inc. today announced that it has filed a motion seeking Bankruptcy Court approval to begin the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. Toys"R"Us will provide more details about the plans for the liquidation of its U.S. stores and going out of business sales in the near term.

Toys"R"Us also announced that it is pursuing a going concern reorganization and a sale process for its Canadian and international operations in Asia and Central Europe, including Germany, Austria and Switzerland. The Company's international operations in Australia, France, Poland, Portugal and Spain are considering their options in light of this announcement, including potential sale processes in their respective markets. The Company's stores in all these international markets are currently open and serving customers.

In connection with the sale process, the motion the Company filed with the Bankruptcy Court included bidding procedures for the Canadian operations. The Company also disclosed that it is engaged in discussions with certain interested parties for a transaction that could combine up to 200 of the top performing U.S. stores with its Canadian operations. While discussions continue on this potential transaction, Toys"R"Us is seeking court approval to implement the liquidation of inventory in all the U.S. stores, subject to a right to recall any stores included in the proposed Canadian transaction.

The previously announced administration of the UK business continues.

Dave Brandon, Chairman and Chief Executive Officer, said, "I am very disappointed with the result, but we no longer have the financial support to continue the Company's U.S. operations. We are therefore implementing an orderly process to shutter our U.S. operations and will pursue going concern sales or reorganizations of certain of our international businesses, while our other international businesses consider their options."

Brandon continued, "There are many people and organizations who have remained in our corner every step along the way. I want to thank our extraordinary team members who helped build Toys"R"Us into a global brand. I also want to express my appreciation for my colleagues on our board who have continued to provide support to sustain the brand and our operations throughout the restructuring process. I would also like to thank our vendors who we owe a great deal of gratitude to for their decades of support. This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years."

The Company and its advisors are working to minimize the impact of the U.S. liquidation on the Canadian and other international markets. As part of these efforts, the Company is implementing a transition services arrangement for the next 60 days and is developing plans for a potential shared service function to support the international operations going forward.

Additional information regarding the Company's restructuring process can be obtained by calling the Company's Information Hotline, toll-free in the U.S. and Canada at (844) 794-3476, or sending an email to toysrusinfo@PrimeClerk.com. Court filings and other documents related to the court-supervised process in the U.S. are available on a separate website administered by the Company's claims agent, Prime Clerk, at https://cases.primeclerk.com/toysrus.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys"R"Us, Alvarez & Marsal is serving as restructuring advisor and Lazard is serving as financial advisor.


TRU Canada email:


March 15, 2018

To our valued Canadian customers,

Toys “R” Us, Inc. announced the difficult decision to seek court approval in its Chapter 11 proceedings to wind-down its business operations in the United States. Our team members in Canada are very saddened to hear of this outcome and we are all keeping our U.S. colleagues in our thoughts during this very difficult time.

In Canada, all 82 stores remain open for business to serve you, our customers, honouring all our policies, warranties, Baby Registry, Gift Cards and RClub loyalty programs without change. We are taking the necessary steps to ensure the iconic Toys“R”Us and Babies“R”Us brands live on for many generations to come in Canada.

Our team continues to work hard at strengthening our competitive position and making the improvements necessary to ensure that we have the products when, where and how you choose to shop with us. Our Canadian operations are continuing in the normal course and we continue to partner with the trend products you want from the brands that you trust.

For the past 34 years, we have proudly served Canada as the trend authority in toy and baby and we remain the champions of play and trusted advisors helping people become parents.

Thank you for choosing to say “yes” to shop and support Toys“R”Us and Babies“R”Us Canada! We are proud to continue to welcome you in Canada coast to coast in store and online at http://www.toysrus.ca and http://www.babiesrus.ca for all of your toy and baby needs.



Melanie Teed-Murch, President
Toys“R”Us and Babies“R”Us Canada

Credit(s): Various


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Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946484)
Posted by Dr. Caelus on March 16th, 2018 @ 6:48am CDT
Toys R Us is the closest I've come to getting a job since I became unemployed 3yrs ago. I guess I should be glad I didn't get the job...
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946488)
Posted by X3ROhour on March 16th, 2018 @ 6:59am CDT
Cyber Bishop wrote:
Z3ROhour wrote:i was there when it opened
ill b there the day it goes.


You are 70?? :D


no
i was there when my store opened
n 1984.

i met and shook hands with Optimus
&
Grimlock gave e a hug.

they had a mini parade of costumed hero toys ad dolls.


:-(
my heart hurts.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946509)
Posted by o.supreme on March 16th, 2018 @ 9:31am CDT
lakebot wrote:
william-james88 wrote:
Mindmaster wrote:Very depressing. TRU has came in clutch on more than one occasion for me (its literally the only place that’s even bothered to stock the last three Titan-class figures on the shelves where I’m at). Got quite a few memories from TRU.

I keep seeing this claim about the titans and while its true that they put them in their stores, I dont see how that helps anyone.
Would americans pay 150$ if they see it in a store right now, rather than instead purchasing it for way less at walmart.com https://www.walmart.com/ip/Transformers ... n/55589165

Or amazon https://www.seibertron.com/transformers ... zon/40584/


Those are on sale now but we’re they when it was originally released? Secondly, with things like that, I’m not fond of the waiting for something to go on sale because that can burn you. As for preference regarding buying online or in store, I’d go the store route. I’m not saying that to be the bug in the soup either. I really don’t like having packages delivered. We really have people who swipe them. You are really gambling with that. And after having things arrive damaged, it just seems too much of a chance. If it’s small or inexpensive I could see me chancing it. Gonna have to for Predaking.


Same here. I jumped on Fort Max & Trypticon the first time I saw them, and paid the full $150.00 for both. Sure seeing them on sale online for as much as 50% off at times makes me wish I had waited, but hindsight...and all that. There is no guarantee items like this will go on sale, or be seen again. Heck, as it was with Trypticon, it was just a fortunate event I happened to look behind the customer service counter, I only ONCE saw a Trypticon on the shelf at any TRU in my area. There was a chance sighting at Frys about a month ago they had one for $110...but there's no way I could have predicted that. I'm determined to never again let the "Metroplex incident" (i.e. me not finding one)...ever happen again, especially now that 5 years later :TAKARATOMY: is selling the reissue at nearly 3X original price.

Now with TRU closing in the US I wonder how the heck I'm going to get PotP Predaking, hopefully HTS will have it for more than a few hours whenever it comes out.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946512)
Posted by william-james88 on March 16th, 2018 @ 9:47am CDT
o.supreme wrote:
lakebot wrote:
william-james88 wrote:
Mindmaster wrote:Very depressing. TRU has came in clutch on more than one occasion for me (its literally the only place that’s even bothered to stock the last three Titan-class figures on the shelves where I’m at). Got quite a few memories from TRU.

I keep seeing this claim about the titans and while its true that they put them in their stores, I dont see how that helps anyone.
Would americans pay 150$ if they see it in a store right now, rather than instead purchasing it for way less at walmart.com https://www.walmart.com/ip/Transformers ... n/55589165

Or amazon https://www.seibertron.com/transformers ... zon/40584/


Those are on sale now but we’re they when it was originally released? Secondly, with things like that, I’m not fond of the waiting for something to go on sale because that can burn you. As for preference regarding buying online or in store, I’d go the store route. I’m not saying that to be the bug in the soup either. I really don’t like having packages delivered. We really have people who swipe them. You are really gambling with that. And after having things arrive damaged, it just seems too much of a chance. If it’s small or inexpensive I could see me chancing it. Gonna have to for Predaking.


Same here. I jumped on Fort Max & Trypticon the first time I saw them, and paid the full $150.00 for both. Sure seeing them on sale online for as much as 50% off at times makes me wish I had waited, but hindsight...and all that. There is no guarantee items like this will go on sale, or be seen again. Heck, as it was with Trypticon, it was just a fortunate event I happened to look behind the customer service counter, I only ONCE saw a Trypticon on the shelf at any TRU in my area. There was a chance sighting at Frys about a month ago they had one for $110...but there's no way I could have predicted that. I'm determined to never again let the "Metroplex incident" (i.e. me not finding one)...ever happen again, especially now that 5 years later :TAKARATOMY: is selling the reissue at nearly 3X original price.

Now with TRU closing in the US I wonder how the heck I'm going to get PotP Predaking, hopefully HTS will have it for more than a few hours whenever it comes out.


We are straying very far from what the initial point was. It had nothing to do with seeing the item when it came out. It was about seeing a toy stocked on a shelf right now rather than seeing it at many other places at much better prices.

Because people who wanted trypticon when it came out bought it full price everywhere they could find it, both online and i stores. Where it was located was not relevant to the discussion, they just wanted the toy right away.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946514)
Posted by o.supreme on March 16th, 2018 @ 9:55am CDT
^If day 1 a Titan Class figure was at Walmart, at a less expensive price than TRU, that is a no brainer, of course I'd take it. But as we've discussed previously, up until now, Walmart and Target are unwilling to devote shelf spice to big ticket items such as this. Whether or not TRU closing will change that remains to be seen.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946515)
Posted by william-james88 on March 16th, 2018 @ 9:57am CDT
o.supreme wrote:^If day 1 a Titan Class figure was at Walmart, at a less expensive price than TRU, that is a no brainer, of course I'd take it. But as we've discussed previously, up until now, Walmart and Target are unwilling to devote shelf spice to big ticket items such as this. Whether or not TRU closing will change that remains to be seen.

It wont change anything. Any fan who wants their titans will get it one way or another, and it will surely be online now. Many got it from BBTS last time when it came out.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946537)
Posted by Rated X on March 16th, 2018 @ 11:56am CDT
I do remember a lavish grand opening in like 1985 when they set up shop in miami. They had the dukes of hazzard as special guests. But other than that I cant remember TRU doing anything that made me lavish the "expierence" or want to be a toys-r-us kid. As I got older I always noticed in almost every miami store they engaged in the practice of turning the entrance into a mini maze forcing you to walk through two aisles of baby crap and beach toys instead of allowing you to make a bee line for the main area to seek out what you came for. So f**king annoying. And then came the wonderful TRU rewards card that bombards your e-mail with coupons for baby crap I dont want to buy like playskool stuff. Maybe twice a year you would get a $5 or $10 off coupon that you could actually use for something you chose. Then theres "babies-r-us" which really deserves to die. Do you really need to go to a specialty store to buy diapers or a damn stroller? Cmon now, that store gotta be losing money cause of walmart too why didnt they close that s**t and consolidate it with the main store? And how the f**k they gonna set up shop in Australia and expect to make any money? Look at the crazy prices they charge out there when that island is probally the closest to the Asian mainland where the toys get made! Go figure...I admit Ive gotten some cool exclusives there. But transformers are a hot sales item currently and hasbro isnt the one going bankrupt. Reality check...I dont go there for an "expierence". I go there to buy toys. If I could get the same toy at the corner store at the same price why would I waste my time going to TRU? Obviously im a little biased because I dont have kids. But as a kid, I grew up with TRU and was perfectly content making a bee line for the transformers aisle, picking my toy, and getting the hell out of there so I could open it. I had zero intrest in exploring aisles of toy cars and super hero figures that I didnt care about. But thats was just me. TRU should have changed with the times and came up with a better strategy to stay afloat. There toys will just go somewhere else. One day youll probally be able to have a drone deliver toys to your backyard lol. So I wont be pouring out any liquor over here....it is what it is.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946539)
Posted by o.supreme on March 16th, 2018 @ 12:08pm CDT
From the time I was born there was a TRU open near me in the Bay Area. My earliest memory probably was in 1980, Chuck-E-Cheese opened in the same parking lot, and when I was in Kindergarten we took a field trip there, and my mom took me to TRU afterwards. When I moved to Sacramento as a teenager, there was already one close by. The other in Roseville opened around 1998, and a friend of mine went to work there for about a year. They had this "concept 2000" idea where toys were displayed in *clusters* (basically 6 foot sections in a cross pattern)rather than long aisles. It was a little confusing at first, but did make the store seem more open, then of course they went back to the aisles sometime around 2005, when things started to go downhill.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946552)
Posted by Megatron Wolf on March 16th, 2018 @ 1:21pm CDT
So if a US based company buys TRU canada does that mean theres a chance of them bringing it to the US and other places or would it remain canada only? Would be a good idea since theres going to be a void now for toy sales, especially big ticket items and collectibles.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946555)
Posted by ZeroWolf on March 16th, 2018 @ 1:40pm CDT
My toys r us have always been the same since I remember (my earliest memory of the place is about '89 which is about a year or two since it opened) it's range was unparalleled when I was young till I found the Internet of course. That was of course toy's r us start of decline. There wasn't much they could do to compete against the net other than price match. They could of tried to make an experience out of it but that wouldnt have made a difference in the long run, I don't think.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946578)
Posted by RK_Striker_JK_5 on March 16th, 2018 @ 4:32pm CDT
The closest TRU for me is in Newington, about a half-hour's drive. I got a lot of good memories of that place. It was the first place I had gotten a Transformer toy, and my first Beast Wars toy. this is gonna hurt. :(
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946579)
Posted by Ultra Markus on March 16th, 2018 @ 5:16pm CDT
i remember the glory days of G1 transformers toys completely stocked shelves of the entire first season and for the next few years too and it seemed they never was an empty peg or shelf
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946590)
Posted by Emerje on March 16th, 2018 @ 6:55pm CDT
The only toy I know I got from TRU for sure as a kid was G1 Brawl (my brother got Blast Off). That's it. Outside of commercials the place just wasn't part of my childhood. My parents would rather buy toys locally at Kmart or Zayer/Ames than go 70+ miles to TRU. Even if we went to one of the two in the state that are both next to major malls, they weren't going to take me to a store they weren't interested in going to, not when there was a KB right inside the mall. As you can imagine I spent significantly more time at KB than TRU, I even had one locally for a short time, it closed not long after Machine Wars came out so those were the last figures I bought from that store in 1997.

KB closing in general was much more devastating to me, I bought a ton of stuff from them and their 3/$10 bins. Since my only real experience with TRU was after I was 16 and working (and could convince my brother to drive me) and most of this experience was nothing but disappointment, I really can't say I'm going to miss them.

Emerje
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946591)
Posted by chuckdawg1999 on March 16th, 2018 @ 7:07pm CDT
I don't know if this will happen but I've heard that with the liquidation TRUs might close without notice and without going out of business sales.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946593)
Posted by tmthor on March 16th, 2018 @ 7:37pm CDT
chuckdawg1999 wrote:I don't know if this will happen but I've heard that with the liquidation TRUs might close without notice and without going out of business sales.



I have heard some may just close but the logistics of shipping product around is expensive so I doubt that it will happen that way
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946598)
Posted by tmthor on March 16th, 2018 @ 7:53pm CDT
I take that back friends of mine have just told me alot of the shelves are empty in the tf area all that was there was the exclusives and movie lines ....and the neca/McFarlane area was devoid of anything other than old stuff that they have had for years...and the dolls and wrestling areas were pretty much empty too. But look on the bright side they told me they had TONs of that interactive star wars stuff still at full price...and a whole shelf mabey 6ft and 5 shelves high completely filled with at-act still at 149.99 lol

Basically seems like if it was old they still have it but the new stuff is going fast people are not waiting for clearance so if you want something better hurry and not wait
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946607)
Posted by william-james88 on March 16th, 2018 @ 8:19pm CDT
chuckdawg1999 wrote:I don't know if this will happen but I've heard that with the liquidation TRUs might close without notice and without going out of business sales.

Yes, they are burning through millions every month to keep stores open, some might just close to stop losing money. They could just mass sell their toys to a discount outlet.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946655)
Posted by WreckerJack on March 17th, 2018 @ 4:05am CDT
william-james88 wrote:
chuckdawg1999 wrote:I don't know if this will happen but I've heard that with the liquidation TRUs might close without notice and without going out of business sales.

Yes, they are burning through millions every month to keep stores open, some might just close to stop losing money. They could just mass sell their toys to a discount outlet.

Like I said a few days ago - keep your eyes peeled at Ross and TJmaxx.
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946727)
Posted by Chibi Starscream on March 17th, 2018 @ 5:44pm CDT
I went to my local TRU yesterday....prolly for the last time, but I'll try to go again if I can within the next two weeks. There was no Closing sign or special sales. The store was almost devoid of staff except for 4 cashiers, a lady stocking the Beanie Boos section, and the announcer lady. The electronics section had huge gaps in their game inventory, and their TF section was lacking. However, I picked up the last Skullitron they had (a TRU exclusive TLK fig with a dragon alt mode), as well as some Sonic the Hedgehog plush dolls (Sonic Boom "emoji" Sonic, Tails, and Knuckles), and 2 amiibos (Pit and Kirby). I had also picked up a pink and a blue Yarn Yoshi and a Sailor Moon transformation rod (Sailor Moon's) but I had to put them back. If I can get there again before they close and they have those, I'll get them next time and maybe another TF or 2. Will see. It'ssad TRU is closing....."I don't wanna grow up. I'm a Toys R Us kid!" *dies a little inside*
Re: Toys R Us Closure Official Press Release, MGA Entertainment Bids on TRU Canada (1946729)
Posted by Jelze Bunnycat on March 17th, 2018 @ 5:49pm CDT
My wife went to our local TRU today and the employees there are well caught up with the current news upon being asked. Furthermore, they're expressing hope that the Canadian buyout will translate into at least US stores staying open, but if the worst comes, they'll be closing by May 14th.

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