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15 Mar 2021 | 15:27

Toys R Us' new owner plans to open stores in US again

(Sharecast News) - WHP Global announced it had acquired interest in the Toys R' Us' parent company (Tru Kids) and would consider re-opening stores in the US. WHP announced on Monday that it plans to open a number of Toys R Us stores, ideally ahead of the next holiday season.

The company added that it will be managing the global Tru Kids business and guide its expansion.

"We're in the brand business, and Toys R Us is the single most credible, trusted and beloved toy brand in the world," Yehuda Shmidman, chairman and chief executive officer of WHP, said in an interview with CNBC.

"We're coming off a year where toys are just on fire [...] And for Toys R Us, the U.S. is really a blank canvas."

"The restructurings took a big toll on the company," Shmidman said. "And then Covid is, hopefully, once in a century. But now we're getting past those two things. And the sky's the limit."

It was unclear where the new stores would open.

Tru Kids, which is backed by Solus Alternative Asset Management and funds managed by private equity group Ares Management, bought the brands and intellectual property from Toys R Us after it filed for Chapter 11 bankruptcy protection in September 2017.

Toys R Us was pushed into liquidation that same year.
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