Not long ago, Toys ‘R’ Us seemed destined to be a find and happy memory, a thing of the past. On June 29, Toys “R” Us shut down all of its remaining U.S. locations, and now with Halloween around the corner, the annual influx of Spirit Halloween stores have set up shop in the empty husks of the one-time retail giant.
Geoffrey the Giraffe even tweeted out a heartbreaking goodbye post that left millennials who grew up with the iconic store in tears.
But the latest news from the group of lenders now in charge of the brand says that it might not be the end for Toys ‘R’ Us.
The lenders have canceled a planned auction of the brands of Toys ‘R’ Us and Babies ‘R’ Us, according to court documents filed in bankruptcy court on Oct 1. Instead, the funds that own those brands are planning a new company that will open retail storefronts under the name.
The investors have plans to work with potential partners to develop new ideas for stores in the U.S. and other countries “that could bring back these iconic brands in a new and re-imagined way.”
Toys ‘R’ Us was forced to file for bankruptcy after suffocating from a staggering $5 billion debt load. As a result, the famous toy store liquidated its U.S. business.
The new Toys ‘R’ Us will be an uphill battle though, as it’s currently in a fight with former workers who are seeking compensation after finding themselves jobless with the sudden shutdown of their retail operations. Toys ‘R’ Us will also miss out on this upcoming holiday season, which is traditionally when toy stores have the highest amount of business.
By: Maytinee Kramer
