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New York
CNN Buiness
—
Toys “R” Us could be coming back again.
The firm closed all of its US stores in June as element of a individual bankruptcy liquidation. But the homeowners of the company’s remaining assets are searching into restarting the business, as properly as the similar Infants “R” Us brand, the corporation disclosed in a court docket submitting this 7 days.
Toys “R” Us experienced prepared to auction off the rights to its name and the Babies “R” Us brand. Bidders experienced by now made features for them, according to the filing. But the company’s entrepreneurs determined to cancel the auction.
The corporation said it is contemplating “a new, working Toys ‘R’ Us and Toddlers ‘R’ Us branding business,” the filing mentioned. The system would “create new, domestic, retail running enterprises underneath the Toys “R” Us and Babies “R” Us names, as very well as develop its worldwide presence and additional create its private brands company.”
The details of when and how the model would be brought back to life were being not disclosed.
The simple fact that other bidders have been interested in purchasing the title does not always suggest that other people have been seeking to deliver it back again to lifetime. Businesses typically buy the makes of out-of-business enterprise rivals in individual bankruptcy court docket to make certain the brand name simply cannot be utilized once more by a new rival. Particulars of who was hunting to acquire the Toys “R” Us manufacturer also was not disclosed in the individual bankruptcy filing.
Toys “R” Us filed for personal bankruptcy a year back, with the plans to use the reorganization system to drop debt and stay in enterprise. But right after a disastrously undesirable Xmas buying season the enterprise introduced in March that it would shut its remaining 800 US merchants and go out of enterprise.
That price about 31,000 staff their jobs. The 70-yr aged retailer shut down in June.
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