Adults and children alike were heartbroken when the news broke earlier this year that Toys ‘R’ Us would be closing their doors for good.
People stopped by their local toy stores to get one last look and spent the rest of the day mourning on Twitter over the loss of a classic childhood memory. Now, it looks like all of that crying and heavy nostalgia might have been for nothing, because the store could be making a comeback after all.
According to reports from CBS News, there may be a second life for Toys ‘R’ Us. The ultimate playground for children ended up turning out the lights at hundreds of stores for what was thought to be the final time over this past summer. This all happened after the brand joined the large group of retailers that never recovered from the recession, including the radical changes in the way Americans shop for toys and everything else.
But now, a group of investors is planning a comeback for Geoffrey the giraffe and the whole Toys ‘R’ Us fam.
The group, made up of secured lenders, said in a bankruptcy court filing on Tuesday that it’s scrapping an auction for Toys ‘R’ Us assets, even despite receiving a number of qualified bids that fit their bill.
It looks like the group now believes it stands a better chance of getting a return on its investment by reviving the toy chain, rather than selling it off for parts. The group will attempt to establish a “company that maintains existing global license agreements and can invest in and create new, domestic, retail operating businesses under the Toys ‘R’ Us and Babies ‘R’ Us names.”
The investors have said that they will work with potential partners to develop new ideas for stores in the U.S. along with other countries “that could bring back these iconic brands in a new and re-imagined way.”
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