Following the recent bankruptcy filing for the Green Swan-operated Toys “R” Us Iberia, a new deal is in place under which the flag will continue to fly for Geoffrey the Giraffe throughout Spain and Portugal.
WHP Global, the parent company of Toys “R” Us (TRU), struck a long-term deal with the Italian PRG Retail Group (PRG) in which PRG acquires the assets of the former TRU Iberia license through its subsidiaries in the region.
With the new deal, PRG will operate 46 stores in Iberia, including 35 in Spain and 11 in Portugal, in addition to picking up the e-commerce platforms, a logistics center, and headquarters in Madrid and Lisbon.
“Toys “R” Us has a vibrant global business with more than 900 branded stores and e-commerce businesses in more than 25 countries,” says Yehuda Shmidman, WHP Global and TRU Chairman and CEO. “We look forward to working with the experienced team at PRG as we continue to execute on our overall strategy to expand the Toys “R” Us brand in new and existing high-growth markets throughout the world.”
According to PRG CEO Amedeo Giustini, the company plans to apply the same successful model to TRU Iberia that it’s used throughout Europe while upgrading infrastructure to modernize TRU throughout Span and Portugal.
“Our goal is to become, also in Spain and Portugal, the first ally of mothers and growing families, from pregnancy through all stages of children’s lives,” Giustini says. “Paloma Perez, CEO of Toys “R” Us Iberia, will remain at the helm, ensuring continuity and knowledge of the Iberian market, with the aim of building together a path of growth and development.”
In the U.S., the TRU rebirth continues with the recent news that the brand will expand to operate store-within-a-store concepts in all Macy’s stores by Oct. 15.
