Could Toys R Us reopen? Company cancels bankruptcy auction
Could you still be a Toys R Us kid? Maybe, after the company calls off a planned auction for Toys R Us assets including the iconic name and Geoffrey the giraffe, multiple news outlets are reporting.
A group of investors, who are secured lenders, announced in a bankruptcy court filing Tuesday that it had received qualified bids but was not going to to pursue them because it could bring back the brand instead of piecing it out to buyers, CNN reported.
To that end, the group said it may create "a company that maintains existing global license agreements and can invest in and create new, domestic, retail, operating businesses under the Toys R Us and Babies R Us names," according to CBS News.
The how the investors plan to bring the company back and a timeline were not announced, CNN reported.
Toys R Us had filed for bankruptcy a year ago and closed all of its stores by June, CNN reported.
