Billionaire Toy Tycoon Bids $890 Million To Save Toys "R" Us
LOS ANGELES (CBSLA) — A local billionaire who made his fortune making toys bid $890 million to buy Toys "R" Us' stores in the U.S. and Canada.
Isaac Larian, CEO of Van Nuys-based MGA Entertainment Inc., which manufacturers Little Tikes toys and Bratz dolls, placed the bid Friday, after last month launching a GoFundMe to raise millions to save the beloved Toy Store.
"I did my part and now it's up to the other side to accept this offer," Larian said in a statement.
Larian said the money he bid will come from his own funds, additional investors and bank financing.
While the impending closure of the longtime toy store has dismayed millions across the country who grew up as Toys "R" Us kids, as the jingle goes, the loss of a key retailer is particularly acute for toymakers like MGA Entertainment.
"The liquidation of Toys "R" Us is going to have a long-term effect on the toy business. The industry will truly suffer," Larian said.
Toys "R" Us has already begun liquidation sales at all its stores. If Larian does win the bid, he says he plans to remake the stores as a fun and engaging place where families can spend the day.
"Imagine a mini-Disneyland in each neighborhood," he said.