JACKSONVILLE, Fla. – If you don’t want to grow up and still want to be a Toys “R” Us kid -- you might still get the chance.
A group of lenders could be offering Geoffrey the Giraffe a job again, just months after liquidating a majority of its stores. The Wall Street Journal has reported that the lenders who own the iconic toy store have canceled plans to auction off the company.
Qualified bids were made for the chain, but those lenders believe the brand is too valuable to give up on.
According to court documents, Toys “R” Us wants to “create new, domestic, retail operating businesses,” and maintain product licensing under the existing brand name.
At this time, it is still unclear whether or not stores will reopen.
Following the brand’s bankruptcy and closure of remaining stores, an $11 billion gap has been left in the toy industry. The decision to close down the nearly 800 stores left 33,000 people unemployed.