Toys R Us may be no more in the US and UK, but it’s going strong in other countries. Asia in particular is the region where the store chain has big plans.
The owners of Toys R Us Asia have joined into a consortium called Taj noteholders, ToyNews reports. They feel like now they are “free from the US parents” and this gives them a lot of options.
As a result, they want to “grow rapidly” in China and Japan and have taken over the Asian operations from the US owners. In fact, they now own 79% of the Toys R Us Asia. The deal values Toys R Us Asia at around $900 million.
Taj feel like there’s plenty of room to grow in Asia. “The entity here in Asia has never relied upon the US for financial support,” says Andre Javes, Toys R Us Asia president and CEO. “We have been a self funding and robust business.”
The main plans now are to add 68 new stores in the Asian markets in 2019 alone.
“We are still underrepresented in many of our geographies. We still have many stores to open,” he said.
Toys R Us Asia is also considering entering new markets in the region. The company will continue to operate independently and make all of the decisions alone.