MGA Entertainment’s (MGA) CEO, Isaac Larian, and affiliated investors made a bid for the Toys “R” Us Canada operations, a spokesperson for MGA confirmed. The group may also perform due diligence on Toys “R” Us in the U.S., according to a report from Bloomberg.
“If there is no Toys “R” Us, I don’t think there is a toy business,” Isaac Larian, CEO of MGA, said.
According to Bloomberg, Larian will put his own money into the effort.
A bid will be made on Thursday, when an omnibus hearing on the U.S. bankruptcy proceedings for Toys “R” Us will be held.
Toys “R” Us Canada filed for bankruptcy along with the U.S. division, but is in better financial help, the report says.
“Toys “R” Us Canada is a good business,” Larian said. “They run it efficiently, and have good leadership. At the right price, it makes economical sense.”
The deadline for filing claims against Toys “R” Us remains on April 6, 2018. The same deadline applies to claims against Toys “R” Us Canada, however, U.S. and Canada claims must be filed separately, according to the Toy Association.