In papers filed on Monday with the court, Toys R’ Us Inc. canceled its pending auction to sell off its brand name, domain names, Geoffery mascot, and more. The reason for this sudden move is that the lenders have a plan to revive the company.
Toys R’ Us, the global toy seller established in 1957, recently went through a massive closure of all of its U.S. locations. It appeared that was the end of the line for the company, but the lenders want to explore the revival as the bids for the intellectual properties did not exceed the projections for moving forward on their own.
The new plan would call for new stores under the Toys R’ Us and Babies R’ Us brand names, as well as an expansion of the international divisions.
There is currently no known timeline as to when these new stores would be set to open, but this holiday season seems out of the question. Party City is testing a Toy City pop up model in 50 locations while Walmart is expanding its toy department. While the Toys R’ Us brand is known the world over, if a revival takes too long consumers will have already changed their buying habits.
We’ll be watching how this unfolds and see if we could actually see Toys R’ Us return to our neighborhoods.