Toys ‘R’ Us will return in 2019, reports say
The latest buzz about a return of Toys "R" Us involves a handful of stores and an online retail site, according to Bloomberg.
About a year after the toy retailer chain headquartered in Wayne closed up hundreds of stores around the U.S., a half dozen, smaller stores and an e-commerce site are slated to return by late this fall, the same Bloomberg report said.
Tru Kids is the parent of Toys “R” Us, Babies “R” Us, Geoffrey the Giraffe and over 20 consumer brands.
Established in 2019, the company has offices in Parsippany-Troy Hills, Hong Kong & China. President and CEO Richard Barry, a former Toys “R” Us executive, pitched the new vision at a recent industry conference, according to Bloomberg.
Rumors of Toys "R" Us being revived in the U.S. first began in earnest back in Feb., as reported by the NY Times.
Billionaire toymaker and MGA Entertainment Inc. CEO Isaac Larian also is on-board with the revival. He said to Bloomberg “This market needs a self-standing toy store, that’s for sure,” and added “We will sell them inventory.”
MGA Entertainment is the parent company of Little Tikes, L.O.L. Surprise! toys, Num Noms and Bratz dolls.
Most of the company's previously laid-off employees did not receive any severance package despite, in some cases, years of service. Bain and KKR & Company are working to create a $20 million severance fund, according to the Wall Street Journal.
Many of the company's former employees in the final days of the company banded together to fight for severance with a group called Rise Up Retail. A rally by employees at the beginning of June brought out both of New Jersey's U.S. senators did not succeed in getting a package at that time.
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