Toys 'R' Us assets get $890M bid from MGA Entertainment

FOX BUSINESSReuters

Swansea, UK: March 08, 2018: Front view of a Toys R Us store with closing down signs in the window. Toys R Us Inc. is an American toy retailer headquartered in New Jersey, USA.

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

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