Multiple offers emerge for Toys "R" Us Canada
U.S. court filings show that debtors for Toys "R" Us have received multiple non-binding offers for the Canadian division of the troubled retailer.
The bankruptcy documents say debtors had reached out to more than 20 interested parties in a bid to sell off the 82 stores in Canada as the toy retailer looks to wind down operations.
The debtors say a number of parties signed non-disclosure agreements and received access to an electronic data room for the potential bids, and that they are actively negotiating with some of them.
So far only one name has publicly confirmed its interest, as California-based toy maker MGA Entertainment, which owns Bratz and other toys brands, is kicking the tires.
"Toys "R" Us Canada is a good business," CEO Isacc Larian said in a statement last week.
"They run it efficiently, and have good leadership. At the right price, it makes economical sense."
The filings say debtors are looking to combined up to 200 of the best-performing U.S. stores with the Canadian sell-off, as first mentioned by Toys "R" Us CEO David Brandon last week, and have initiated conversations about the combined sale.
MGA Entertainment confirmed last week that its CEO Isaac Larian and affiliated investors are a bidder for the Toys "R" Us Canada operations.
Toys "R" Us has said it's closing or selling its 740 stores as well as its international operations, with filings showing the company has received "several" non-binding offers for all or parts of the European business and has asked for offers for the Asian-Pacific business by early April.
With files from CBC News