The Toys R Us saga is slowly unfolding. The company announced it has found new owners for its stores in Canada and several European countries. There the brand will live on under the new owner. The auction for the US rights is also coming along soon.
In a Bankruptcy Court hearing, Toys R Us said it’s selling its Canadian stores to the Toronto-based investment firm Fairfax Financial Holdings, NorthJersey.com reports.
It will acquire all Canadian Toys R Us stores for about $234 million. The new owner says they plan to keep all 82 stores open, but there will be changes. The company wants to make the stores a top destination where kids can play while their parents grab a cup of coffee.
Toys R Us is also selling its stores in Germany, Switzerland and Austria for $96.7 million. The new owner is the Smyths toy chain. Smyths says it’s planning to rebrand these stores under its own name. This means Smyths will expand with a total of 93 new stores.
“We are convinced about the future of multichannel specialist toy retail and are confident that we can successfully introduce and grow our brand in continental Europe,” co-founder Tony Smyth said to Chain Store Age.
Toys R Us also says its continuing the negotiations for the sale of its stores and stake of business in Asia. The company is also working on its procedures for the auction of its properties in the US.