![]() ![]() It announced on March 15 that it was liquidating all of its U.S. It originally hoped to be able to restructure and emerge from bankruptcy, but after dismal store performance over the holidays, lenders and investors became reluctant to put more money into the company. Toys R Us filed for Chapter 11 bankruptcy protection in September. Toys R Us also is negotiating with multiple prospective buyers for its Asian operations. Smyths, according to Toys R Us, plans to rebrand the Central European stores as Smyths stores. Toys R Us announced that agreement Monday. The Smyths toy chain has an agreement to buy the stores in Germany, Switzerland, and Austria for $96.7 million. The sale must also be approved by a Canadian court. ![]() Rivett said he would like to see the stores brought "into the modern retail era," and become destinations where kids can play with toys while their parents grab a cup of coffee. ![]() The buyer, Toronto-based Canadian investment firm Fairfax Financial Holdings, plans to keep the 82 Canadian stores open, according to an interview Fairfax President Paul Rivett gave to The Globe and Mail, a Canadian newspaper. Tuesday, U.S Bankruptcy Judge Keith Phillips, who is overseeing the liquidation of the Toys R Us empire, ruled in favor of the deal to sell the Canadian division for $300 million Canadian dollars, which equals about $234 million U.S. stores was rejected, has said he will try again with a better offer. Toy manufacturer Isaac Larian, whose initial bid for 274 U.S. In the United States, Toys R Us is preparing to auction off its name, websites, and baby registry, along with more of its store properties. In a bankruptcy court hearing Tuesday, it was announced that Toys R Us is selling its Canadian stores to a Canadian investment firm and its Central European division to the Irish toy retailer Smyths. Toys R Us will live on in Canada, and its stores in Germany, Switzerland and Austria will join a British toy chain, but the fate of the iconic retail brand in this country remains uncertain. Watch Video: A billionaire just bid $890 million to save Toys R Us ![]()
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