Toys “R” Us may be returning, but the details aren’t yet set in stone.
A bankruptcy court filing from Tuesday says Toys “R” Us is scrapping the auction that would sell remaining assets after liquidation sales ceased at the end of June.
Geoffrey LLC, a subsidiary of Toys “R” Us that owns the intellectual property, said a group of investors led by existing secured lenders would acquire the assets in a statement late Tuesday.
The hedge fund group plans to establish a “company that maintains existing global license agreements and can invest in and create new, domestic, retail operating businesses under the Toys “R” Us and Babies “R” Us names.”
“The new owners are actively working with potential partners to develop ideas for new Toys “R” Us and Babies “R” Us stores in the United States and abroad that could bring back these iconic brands in a new and re-imagined way,” the statement said.
The company, like many others, suffered as consumer shopping habits changed and online sales became more common. Before liquidating, the toy and baby stores had $5 billion in debt.
There were two Dayton-area stores at 2500 N. Fairfield Road in Beavercreek and 2859 Centerville Road in Miamisburg.
Recently shuttered Elder-Beerman also reemerged in an e-commerce setting with plans to open several smaller scaled-back stores. The company’s intellectual property was purchased by Indiana-based CSC Generation.
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