The week started with the news that Toys R Us may come back under the new firm TRU Kids. It has the ownership rights for the Toys R Us and Babies R Us trademarks along with Geoffrey the Giraffe’s trademark.
The company also holds more than 20 other toy and baby brands. TRU Kids also said that it has been talking with many manufacturers and eyes a potential comeback by the end of this year.
“As we start the year there is a lot to be excited about. We have a healthy and growing global business with great partner that are 100 per cent focused on opening more stores and ecommerce channels in their respective markets”, says Richard Barry TRU Kids’ CEO.
NY Post though has several interviews with people from the toy industry. Most of them aren’t that thrilled. “I am certainly skeptical when I read a statement like ‘new management team,’” said Jay Foreman, chief executive of Basic Fun – a company that, according to the Post, lost roughly $6 million in the bankruptcy. “These are the same leaders and same financial partners that were around for the demise of the company.”
‘We first need to get paid for a portion of the over $17 million TRU owes us before we consider doing any business with them”, says MGA Entertainment’s Isaac Larian who wanted to buy out Toys R Us last year.
Other toy makers also aren’t happy. Still, Barry says things will get better. “We fully appreciate the impact of the bankruptcy and for that we are very sorry,” said Barry. “What I am hearing from vendors… is that they value what TRU brought to the consumer.”