Toy company bids $890 million for Toys ‘R’ Us stores in Canada and the United States

Toy company MGA Entertainment said on Friday it put in an US$890 million bid for Toys ‘R’ Us stores in the U.S. and Canada.

Billionaire Isaac Larian, who heads MGA Entertainment, put in a bid of US$675 million for stores in the United States and US$215 million for stores in Canada, MGA said in a statement.

The funds to purchase the stores will come from Larian’s own coffers, additional investors and bank financing, the privately held toy and entertainment company said.

Toys ‘R’ Us, once the largest U.S. toy retailer, abandoned last month a plan to emerge from bankruptcy.

© Thomson Reuters 2018