One billionaire won't give up on his quest to save Toys “R” Us. Isaac Larian is trying to save the 274 US-based stores, despite the fact that his initial $675 million bid was rejected. Larian is the billionaire toy mogul responsible for Bratz dolls and Little Tikes toys.
Larian lost the bidding war over Canadian stores, so they’re focusing on the US outlets instead. He told CNNMoney on Monday, “We have the financing we need. It's now a matter of determining how much more we're able to bid.” If Larian is successful, his efforts would save between 7,000 and 10,000 jobs. “If Toys ‘R’’ Us doesn’t exist, the whole toy industry will be hurt for a long time,” said Larian.
In the meantime, many Toys “R” Us locations are already closed or about to close in the near future, but that isn’t stopping Larian from going through with the deal. “This is a brand damaged by bankruptcy," said Larian. "It's going to take a lot of time and effort and money to rebuild and bring it back. The value continues to go down daily." It’s worth noting that Larian’s bid is not coming from his company, MGA Entertainment, over which he presides as CEO. Rather, he’s wrangled a group of private investors for the Toys “R” Us bid. Time will tell if he’s successful in his quest to save the toy company.