Toys 'R' Us stores in Canada, U.S. draw $890M bid

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In a release, Isaac Larian, the CEO of MGA Entertainment, said the bid is for $675 million USA to buy the U.S stores, and $215 million for the Canadian outlets.

Bratz doll maker MGA Entertainment said on Friday its billionaire founder and chief executive, Isaac Larian, had made an $890 million bid for Toys "R" Us stores in the United States and Canada. "I did my part and now it's up to the other side to accept this offer".

Larian, who runs MGA Entertainment, will use his own money for the bid, along with financing from banks and additional investors, according to a press release.

Toys "R" Us has already begun liquidation sales at all its stores.

The company drew multiple offers of over US$1 billion for its Asian business, a lawyer for Toys "R" Us said Wednesday in bankruptcy court. "The prospect of bringing the Toys "R" Us experience to a new generation, my new grandson's generation, is enough to motivate me to Save Toys "R" Us". The company announced plans last month to shut down or sell all of its USA stores.

Toys "R" Us declined to comment.

Larian also led a crowdfunding effort through GoFundMe to raise $1 billion in an effort to buy the iconic toy retailer.

The company's Canadian operations are run separately from its USA dealings, but Toys "R" Us CEO David Brandon has said the company will try to bundle its Canadian business with about 200 USA stores as it looks to find a buyer. If Larian does win the bid, he says he plans to remake the stores as a fun and engaging place where families can spend the day.

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