STREAMING NOW: Watch Now

Billionaire CEO behind Bratz makes his bid for Toys 'R' US

The CEO behind Bratz dolls and Little Tikes toys is officially making his bid for Toys "R" Us.

Posted: Apr. 14, 2018 12:57 PM
Updated: Apr. 14, 2018 12:58 PM

(CNN Money) -- The CEO behind Bratz dolls and Little Tikes toys is officially making his bid for Toys "R" Us.

Isaac Larian said Friday that he's entered a formal offer of $675 million to buy many of the Toys "R" Us stores in the United States, along with an additional $215 million for Toys "R" Us stores in Canada.

Larian is looking to buy more than 200 of the remaining 735 locations in the US, and almost all of more than 80 locations in Canada, a spokesperson said.

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.

"The liquidation of Toys 'R' Us is going to have a long-term effect on the toy business. The industry will truly suffer," he said in a statement. "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."

Toys "R" Us declined to comment.

Related: Amazon didn't kill Toys "R" Us. Here's what did

The company said in March that it would shut or sell all its US stores after a failed turnaround bid. Toys "R" Us filed for bankruptcy last fall.

Previously, Larian tried to raise $1 billion to save Toys "R" Us through a crowdfunding campaign. But he won't tap any of those pledges for his actual offer, and those who pitched in will get their money back, according to the spokesperson. The crowdfunding effort was designed only to raise awareness, she said.

Larian's vision for Toys "R" Us includes turning its stores into entertainment hotspots.

"We will make Toys 'R' Us an experience in and of itself; a fun and engaging place where families can spend an entire day," he said in his statement on Friday. "Imagine a mini-Disneyland in each neighborhood."

In the past, Larian has blamed the demise of Toys "R" Us on its private equity owners, which saddled the company with debt.

"Every penny it made went to paying the debt service," he said in an interview with CNNMoney last month.

The-CNN-Wire
™ & © 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved.

Article Comments

Terre Haute
Clear
37° wxIcon
Hi: 48° Lo: 29°
Feels Like: 30°
Robinson
Clear
35° wxIcon
Hi: 51° Lo: 30°
Feels Like: 27°
Indianapolis
Overcast
36° wxIcon
Hi: 46° Lo: 28°
Feels Like: 28°
Rockville
Clear
37° wxIcon
Hi: 46° Lo: 27°
Feels Like: 30°
Casey
Few Clouds
37° wxIcon
Hi: 48° Lo: 28°
Feels Like: 30°
Brazil
Clear
37° wxIcon
Hi: 48° Lo: 29°
Feels Like: 30°
Marshall
Clear
37° wxIcon
Hi: 48° Lo: 28°
Feels Like: 30°
A little warmer, with showers coming.
WTHI Planner
WTHI Temps
WTHI Radar

Latest Video

Image

THS Wrestling

Image

Vincennes Lincoln

Image

South Knox

Image

Barr-Reeve

Image

ISU Transfers

Image

West Vigo basketball

Image

Tuesday Late Forecast

Image

Toys for Tots collection wrapping up

Image

Poplar Street Bridge Reopens

Image

From Dope to Hope

WTHI Events