New York Company Plans To Bring Toys R Us Stores Back Nationwide
A New York company says Toys R Us will make a comeback and wants to create the next generation of Toys R Us kids.
On Monday, WHP Global, a leading brand acquisition and management firm based in New York, announced it has acquired a controlling interest in Tru Kids Inc., the parent company to the iconic Toys R Us, Babies R Us, Geoffrey the Giraffe brands and more than 20 established related consumer toy and baby brands.
"Our investment in Toys"R" Us reflects our belief and passion for the brand. We are thrilled to be taking the reins of the world's leading toy brand at a time when the category is up 16% and consumer demand for toys is at an all-time high. This is a natural fit for WHP, as we can leverage our global network and digital platform to help grow Toys"R" Us and Babies"R" Us around the world," Chairman and CEO at WHP Yehuda Shmidman said in a press release.
Toys R Us closed its final 700 stores across North America in 2018 after filing for bankruptcy in 2017.
Shmidman says the plan is to reopen Toys R Us stores across the United States before the 2021 holiday season. The company didn't announce how many stores will open but mentioned flagship stores, pop-ups, existing retail stores, mini stores and airport stores are a possibility, Yahoo Finance reports.
"We're in the brand business, and Toys R Us is the single most credible, trusted and beloved toy brand in the world," Shmidman added. "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."
Toys R Us and Babies R Us generate over $2 billion in global retail sales annually through nearly 900 branded stores and ecommerce sites in over 25 countries across North America, Europe, Asia, Africa, Australia, and the Middle East, according to WHP Global