Isaac Larian, CEO of MGA Entertainment, owner of brands including Bratz, Little Tikes and L.O.L Surprise, put in a formal bid of $675 million to buy the Toys “R” Us U.S. stores and $215 million to buy the Canadian stores. The funds will come from Larian’s own pocket, additional investors and bank financing.
Larian recently attempted to raise $1 billion via GoFundMe in an effort to rally the community around the cause. Bid amounts were determined after due diligence by Larian, speaking with multiple investors and third-party experts.
“The time is now. 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. 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,” Larian said.
The entrepreneur is putting forth his best effort to save the retailer.
“The liquidation of Toys “R” Us is going to have a long-term effect on the toy business. The industry will truly suffer. The prospect of bringing the Toys “R” Us experience to a new generation, my new grandson’s generation, is enough to motivate me to save Toys “R” Us,” he added.
