Published: Sun, April 15, 2018
Business | By Tara Barton

Despite failed crowdfunding effort, billionaire continuing with Toys "R" Us bid

Despite failed crowdfunding effort, billionaire continuing with Toys

Toys "R" Us declined to comment. According to the Toys For Tots official website, Toys R Us partnered with the charity for 14 years and was the charity's largest retail partner. That includes three pledges of $1,000 each, about two dozen of $101 to $500, and the rest for smaller amounts. But he said Thursday he still plans to formally submit a bid for more than 300 stores in the US and Canada.

Larian's bid may be viewed as tenuous for the viability of the retailer as MGA is considered a competitor to numerous other toy makers whose products would be stocked on the shelves.

Toys R Us announced in March that it would shut down or sell all its USA stores but Larian says the liquidation would have a negative impact on the industry. "The industry will truly suffer", he said in a statement.

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"Imagine a mini Disneyland in each neighborhood", said Larian. The company's trouble has already shaken some big toy makers like Mattel and Hasbro.

Larian, the founder of MGA Entertainment which makes toys like Bratz dolls, told the Wall Street Journal he's offered $675 million for Toy "R" Us' American stores and further $215 million for the Canadian outlets.

Larian is looking to buy more than 200 of the remaining 735 locations in the U.S., and nearly all of more than 80 locations in Canada, a spokesperson said. The money will come from his own coffers, other investors and bank financing.

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