MGA Entertainment (Bratz) CEO Isaac Larian announced that he has submitted a formal bid of $675 million to buy some Toys ‘R’ US stores in the U.S., and $215 million for all of the stores in Canada. The money will come from Larian’s funds, along with additional investors and bank financing. Larian had previously announced that he was trying to raise $1 billion for an offer (see “Amazon, Billionaires Circle Toys ‘R’ Us Stores”).
Larian has given the company six days to respond, according to the New York Post, which also provided the detail that the offer for the U.S. operation includes 274 of the top-performing Toys ‘R’ Us and Babies ‘R’ Us stores, a minority of the chain’s locations in the U.S.
“The time is now,” Larian said in the announcement. “Every day 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. If they do, the real work will begin. We will make Toys ‘R’ Us an experience in and of itself; a fun and engaging place where families can spend an entire day. Imagine a mini-Disneyland in each neighborhood.”