Parents and kids alike were devastated when, back in 2017, iconic children's toy store Toys 'R' Us had filed for bankruptcy and announced the following March that they would be closing all of their almost 800 stores. Toys 'R' Us was part of so many childhoods for both parents and kids who fondly remembered strolling through the aisles, gazing longingly at all the coolest and newest toys and activities that were stocked on the shelves.
By June all stores were closed and the company announced plans to liquidate all their assets, but now it seems those plans just may be on hold. In a recent court filing it seems as though the owners of the company may be trying to revive the brand, as well as sister store Babies 'R' Us, as it may be more financially viable than liquidation, CNN reports.
The news station states that the court filing declared that the current owners are considering "a new, operating Toys 'R' Us and Babies 'R' Us branding company," after cancelling an auction of the brand's names. The new plan would aim to "create new, domestic, retail operating businesses under the Toys "R" Us and Babies "R" Us names, as well as expand its international presence and further develop its private brands business."
This is great news not only for those who are looking to once again relive the joy that only walking through a fully stocked toy store can give you, but because the original shut down resulted in the lost of 31,000 jobs. It may be too early to get your hopes up just yet, though.
Just because the company cancelled the plans to auction off the brand names doesn't mean they are looking to completely revamp the old version of Toys 'R' Us and Babies 'R' Us. In a recent press release Geoffrey LLC says "the reorganized company would control a portfolio of intellectual property that includes trademarks, ecommerce assets and data associated with the Toys 'R' Us and Babies 'R' Us businesses in the United States and all over the world, including a portfolio of over 20 well-known toy and baby brands such as Imaginarium, Koala Baby, Fastlane and Journey Girls."
While the company has yet to make clear how they intend to revitalize the Toys 'R' Us brand, it's clear they will face a big challenge to gain footing in the toy space once again. With retail giants like Amazon making huge strides in the retail space and other stores like Walmart and Target also offering larger toy departments, Toys 'R' Us may once again struggle.