That’s right, there is a possibility of Americas number one toy story making a come back after news of the canceled long awaited bankruptcy auction.
According to a report from The Wall Street Journal, owners are going to attempt to resurrect the store instead of selling its brand in order to pay back creditors. The company spent the last year closing over 100 stores, so this is very surprising to hear of the cancellation. Hedge funds have decided that reorganizing the toy store, that has been around for 61 years, will have a better result financially than the selling off the brand.
The Wall Street Journal states that the closing of the store created an $11 billion hole in the toy industry, leaving around 33,000 people without a job. The individuals who work for the company are said to be receiving a severance pay, according to The Washington Post. They also stated that they are owed 75 million dollars in severance pay.
The investors plan to work with new partners in order to gain new ideas for stores in the U.S. and other countries. This is shockingly surprising in a good way for many individuals as Toys R Us has become a symbol of childhood for many generations. The hearing of the closing tugged on the heartstrings of many adults as they soon realized they would not be able to share the store that they loved at such a young age with their children. The news of the possible comeback has placed a smile on the faces of many, and will hopefully have a better run this time around. Unfortunately the store will most likely not be back up and running before the holiday, but we will surely see plans very soon.
Comment down below if you are excited for the reviving of the toy store!
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