US based brand Toys “R” Us cancels on bankruptcy auction and is seeking to revive
October 06, 2018
Toys “R” Us is seeking to pull out of the bankruptcy auction that was going to take place and is seeking to revive the company. As the controlling lenders are choosing to cancel out on the auction and are going to sustain Toys “R” Us. This auction would’ve sold the brand name, its assets as well as the Intellectual Property rights of the company.
However, they have started planning to resuscitate the brand and breathe new life into it and would refrain from renouncing it. Toys “R” Us had first declared about its bankrupt situations in 2017 and it was in March this year that it announced about organising an auction. As per the court papers files procured by the Wall Street Journal, while the company was apparently going to get qualified bids for assets, including the brand names of Toys ‘R’ Us, Babies ‘R’ Us, Geoffrey the Giraffe and the associated websites, it has opted to repudiate the bankruptcy auction.
Toys “R” Us, Inc. is an international toy, clothing, video game, and baby product retail brand founded in April 1948, headquartered in Wayne, New Jersey, United States. It had ventured into the international market in 1980s by starting its first international wholly-owned store in Canada and licensed operations in Singapore.