GLOBAL ONE NEWS (G1)— Remember when Toys “R” Us shut down after filing for bankruptcy last year?
Well, it seems like things are looking up for the toy giant!
Toys “R” Us has canceled their bankruptcy auction and they’re looking to revive their business.
In an Oct. 2 press release, the company announced its new owners will work alongside investors to bring back a fresh new take on the brand since it has too much value to let go of.
The company said offers were made to buy the Toys “R” Us and Babies “R” Us names and their global assets, but they weren’t biting.
Toys “R” Us filed for bankruptcy in 2017, as they were $5 billion in debt.
They shut down roughly 800 of their stores by 2018 and let go of over 30,000 employees.
The new company ownership is pending approval by the U.S. Bankruptcy Court.