Toys R Us fans in the US should see the iconic brand reappear in some form of this holiday season.
Richard Barry, a former playman R Us, and now CEO of the new company Tru Kids Inc., told The Associated Press that he and his team are still working on the details, but are exploring various options, including standalone stores and shops in existing stores. He said e-commerce will play a key role.
Playing R Us, buckling in competition from Amazon and billions of dollars of debt, filed for reorganization in Chapter 11 in September 2017 and then liquidating their businesses last year in the US as well as several other regions, including the UK
In October, a company named Geoffrey LLC won an auction for Toys R Us assets to revive the brand, rather than selling it for parts. It established Geoffrey's Toy Box in November last year in approximately 600 hooker stores in almost 30 states.
As of January 20, Barry and several former Toys R Us leaders established Tru Kids and now manage the toys R Us, Babies R Us and Geoffrey brands.
Toys R Us generated $ 3 billion in the global retail market in 201
"These brands are loved by customers," Barry said. He noted that the company will focus on experience in physical stores, which can be around 10,000 square meters. The original Toys R Us stores were about 40,000 square meters.
Barry said he and his team have reached out to toymakers and have received strong support. But he acknowledged that many had been burned by Toys R Us's liquidation.
Tru Kids is based in Parsippany, New Jersey, about 20 minutes drive from Wayne, New Jersey, where Toys R Us was based. The new company will work with license partners to open 70 stores this year in Asia, India and Europe. Outside the United States, Toys R Us continues to operate around 800 stores.