According to CNNMoney, Toys “R” Us rejected the bid from Isaac Larian, CEO of MGA Entertainment Inc. (MGAE), to save the toy store. Last week, Larian 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.
According to reports, the bid was too low. Despite the alleged rejection, CNNMoney reports that Larian plans to continue to fight to save Toys “R” Us.
Toys “R” Us filed for bankruptcy in September, and announced last month that it would officially be closing its doors. Following the news, Larian started a GoFundMe campaign aimed at saving the toy retailer.