Bratz doll maker MGA Entertainment said on Friday its billionaire founder and chief executive, Isaac Larian, had made an $890-million bid for Toys ‘R’ Us stores in the United States and Canada.
Larian has offered $675-million for U.S. stores and $215-million for Canadian stores, MGA said in a statement.
The funds to purchase the stores will come from Larian’s own coffers as well as from other investors and financing from banks, said privately held MGA, which also makes Little Tikes and Lol Surprise toys.
Toys ‘R’ Us filed for bankruptcy in September in the face of strong competition from online retailers such as Amazon.com Inc.
Once the largest U.S. toy retailer, Toys ‘R’ Us abandoned a plan to emerge from bankruptcy last month and said it would try to maintain more profitable locations in Europe and Asia as an on-going business while liquidating its U.S. and U.K. operations.
“Everyday that goes by, the value of Toys ‘R’ Us declines and more people lose their jobs. I did my part and now it’s up to the other side to accept this offer,” Larian said in a statement.
Larian also led a crowdfunding effort through GoFundMe to raise $1-billion in an effort to buy the iconic toy retailer. The campaign has raised over $200-million to date.
Earlier this month, Toys ‘R’ Us lawyer Joshua Sussberg said the company received multiple bids of more than $1-billion for an 85 per cent stake in its Asian business as it plans to sell some non-U.S. operations.