Isaac Larian, CEO of MGA Entertainment Inc. (MGAE), put in a formal bid of $675 million to buy the Toys “R” Us stores in the U.S., as well as $215 million to buy the Toys “R” Us stores in Canada. The funds to purchase both the U.S. and Canadian stores will come from Larian’s own coffers, additional investors, and bank financing. After last month’s announcement that Toys “R” Us will be closing it’s doors, Larian started a GoFundMe campaign aimed at saving the toy retailer.
“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,” shared Larian.
Bid amounts were carefully determined by Larian, who spoke with multiple investors and third-party experts.