Toys "R" Us Inc. has canceled its bankruptcy auction and is looking to "revive the business behind the Toys "R" Us and Babies "R" Us brand names."
As reported by the Wall Street Journal, "Toys "R" Us's proposed reorganization plan contemplates "a new, operating Toys "R" Us and Babies "R" Us branding company that maintains existing global license agreements and can invest in and create new, domestic, retail operating businesses" under the brand name, court papers said."
Toys "R" Us' controlling lenders determined that any "qualified bids" for their bankruptcy auction most likely would not "yield a superior alternative to the plan."
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As reported by the Wall Street Journal, "Toys "R" Us's proposed reorganization plan contemplates "a new, operating Toys "R" Us and Babies "R" Us branding company that maintains existing global license agreements and can invest in and create new, domestic, retail operating businesses" under the brand name, court papers said."
Toys "R" Us' controlling lenders determined that any "qualified bids" for their bankruptcy auction most likely would not "yield a superior alternative to the plan."
Continue reading…
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