Larian recently led the biggest crowdfunding effort to date, aiming to raise $1 billion via GoFundMe in an effort to rally the community around the cause.
A spokesperson for Larian told CNN that the toy mogul is eying the purchase of 200 stores in the USA and the majority of the ones in Canada. There are about 800 Toys R Us stores closing in the U.S. Larian's bid could be denied if the court decides the value of Toys R Us real estate holdings, inventory and intellectual properties such as its trade name would be greater if sold separately.
Isaac Larian said Friday that he's entered a formal offer of $675 million to buy numerous Toys "R" Us stores in the United States, along with an additional $215 million for Toys "R" Us stores in Canada. Last week, the executive submitted a $890 million bid for the retailer's Canadian business and a chunk of its US business, according to a press release emailed to Retail Dive. I did my part and now it's up to the other side to accept this offer. The billionaire runs MGA Entertainment, the maker of Bratz Dolls, Little Tikes and other toys. As Friedman points out, "driving up the bid price is not in "Larian's" interest. The industry will truly suffer", he said in a statement. "The prospect of bringing the Toys" R " Us experience to a new generation, my new grandson's generation, is enough to motivate me to Save Toys" R " Us".
The U.S. bid includes the Wayne, N.J., headquarters of Toys R Us, but Larian said in a phone interview Friday that he has not yet decided if the headquarters will remain in Wayne. "Imagine a mini-Disneyland in each neighborhood", shared Larian. The consummate entrepreneur, Larian won the Ernst & Young Entrepreneur of the Year award in 2007.
Toys R Us filed for bankruptcy in September and announced March 15 that it was shutting down its operations in the United States and liquidating its assets. Larian believes that everyone deserves to be a Toys" R " Us kid.