Update: Well folks, it’s official. Toys”R”Us Inc. has announced that it is officially selling all of its assets to a group of investors who plan to revive the brand. According to a press release issued on the official Toys”R”Us webpage, the new owners intend to develop new plans and ideas to bring back both Toys”R”Us and Babies”R”Us stores in the United States and abroad. What that exactly means and how long before we see a revival in the states is yet to be seen, but stay tuned to Nintendo Wire for more details as they become available.
In the meantime, check out the full press release below:
WAYNE, NJ – October 2, 2018 – Geoffrey, LLC, Toys “R” Us, Inc.’s intellectual property holding company subsidiary, announced today that it is moving forward with a plan for substantially all of its assets to be acquired by a group of investors led by Geoffrey, LLC’s existing secured lenders.
The announcement was made following a five month marketing effort by Boston-based Consensus, an investment bank retained to market the assets of Geoffrey, LLC, that resulted in several formal and informal proposals to acquire the intellectual property assets. After considering such proposals, it was determined that the proposal from the existing term lenders was meaningfully higher and better than any other global bid or the sum of the bids received on individual assets. The transition of the business to its new owners is pending approval of the United States Bankruptcy Court and all major creditor constituencies are supportive. Geoffrey, LLC thanks all parties that participated in discussions with the company over the prior months, particularly those that submitted proposals, for their thoughtful and diligent engagement.
Geoffrey, LLC, as reorganized, will control a portfolio of intellectual property that includes trademarks, ecommerce assets and data associated with the Toys “R” Us and Babies “R” Us businesses in the United States and all over the world, including a portfolio of over 20 well-known toy and baby brands such as Imaginarium, Koala Baby, Fastlane and Journey Girls. The reorganized company will own rights to the Toys “R” Us and Babies “R” Us brands in all markets globally, with the exception of Canada. It will also become the licensor of the brands to the company’s existing network of franchisees operating in countries across Asia, Europe and the Middle East, and in South Africa.
In addition to continuing to service these markets, the new owners are actively working with potential partners to develop ideas for new Toys “R” Us and Babies “R” Us stores in the United States and abroad that could bring back these iconic brands in a new and re-imagined way. Geoffrey LLC will provide additional detail on this front as it becomes available.
Original Article: Toys”R”Us cancels bankruptcy auction, brand to return in some form
Written by Ricky Berg
Amiibo fans, World of Nintendo collectors, and fans of toys of all kinds may have just gotten some great news: Toys“R”Us might not be out of the picture after all. The Wall Street Journal is reporting that the retailer will be reorganized and revived after a formal assessment of the brand’s value. While it did receive bids for various assets, it has decided that this alternative could be a better plan instead.
The company would maintain its licensing agreements and identity — which for amiibo, Nintendo, and Pokémon fans could lead to a return of ready availability of those products. To what extent remains to be seen.
While this does not signal the return of the already closed and sold store locations, it looks like this might be a new beginning. We’ll be keeping an eye on this as it all develops, and we hope it plays out in a way that caters to our favorite figures around.
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Written by Jason Ganos
Nintendo super fan since birth, Jason is the creator of Amiibo News and editor-in-chief at Nintendo Wire. One of his life goals is to provide the latest Nintendo news to fellow gamers with his natural know-how.
