Isaac Larian Puts in Official Bid to Save Toys"R"Us
MGA Entertainment CEO Behind Best-Selling Toy of the Year Puts in Offer to Save Toys"R"Us
13 Apr, 2018, 08:00 ET
VAN NUYS, Calif., April 13, 2018 /PRNewswire/ -- Isaac Larian, CEO of MGA Entertainment, Inc. (MGAE), one of the world's leading privately held toy and entertainment companies and creator of family favorite brands including Little Tikes® and L.O.L. Surprise!™, put in a formal bid of $675 million to buy both the U.S stores as well as $215 million to buy the Toys"R"Us stores in Canada. The funds to purchase both the U.S. and Canadian stores will come from Larian's own coffers, additional investors and bank financing.
Larian recently led the biggest crowdfunding effort to date, aiming to raise $1 billion via GoFundMe in an effort to rally the community around the cause. Bid amounts were determined after careful due diligence by Larian, speaking with multiple investors and 3rd party experts. "The time is now. Everyday that goes by, the value of Toys"R"Us declines and more people lose their jobs. I did my part and now it's up to the other side to accept this offer. If they do, the real work will begin. We will make Toys"R"Us an experience in and of itself; a fun and engaging place where families can spend an entire day. Imagine a mini-Disneyland in each neighborhood," shared Larian. The entrepreneur is putting forth his best effort to save the retailer, knowing the void it will leave if Toys"R"Us ceases to exist. "The liquidation of Toys"R"Us is going to have a long-term effect on the toy business. The industry will truly suffer. The prospect of bringing the Toys"R"Us experience to a new generation, my new grandson's generation, is enough to motivate me to Save Toys"R"Us."
Toys"R"Us is an American icon with global relevance and Larian is devoted to saving the retail chain. For over 65 years, Toys"R"Us has played a vital role in the growth, education and creative development of millions of children, giving Larian his first break when he entered the business more than 30 years ago. MGA Entertainment's own Little Tikes brand, the maker of the famous Cozy Coup is made right here in the USA for the past 50 years. The consummate entrepreneur, Larian won the Ernst & Young Entrepreneur of the Year award in 2007. Toys"R"Us is embedded in our American culture, and as Larian puts it, "There is nothing quite like the joy and awe of a child walking through the aisles of a Toys"R"Us store. I want to preserve that innocent experience for future generations." Larian believes that everyone deserves to be a Toys"R"Us kid.
SOURCE MGA Entertainment
Share this article