For those of us who love and miss the magic of shopping at Toys “R” Us, buckle up for some exciting news. The retailer has once again switched owners, and under the its newest owners, Toy “R” Us stores could be opening soon with a new look.
New York-based brand management company WHP Global has purchased Tru Kids, the parent company of Toys “R” Us, Babies “R” Us, and Geoffrey Giraffe Brands, the company announced in a press release on Monday. “Our investment in Toys "R" Us reflects our belief and passion for the brand,” Yehuda Shmidman, chairman and chief executive officer of WHP, said in a statement. “We are thrilled to be taking the reins of the world's leading toy brand at a time when the category is up 16% and consumer demand for toys is at an all-time high.”
While not much about the deal is known just yet, Shmidman told CNBC there are plans to open Toys “R” Us stores again before the upcoming holiday season, though they’ll probably look different than the stores shoppers were used to. Shmidman told the news outlet that these openings could be in the form of pop-ups, mini-stores inside larger retail shops, or flagships.
The new owners of Toys “R” Us did not disclose how many locations they plan to open, but WHP said in the press release that the deal was a “natural fit” and with their global and digital platform, the company can “help grow Toys "R" Us and Babies "R" Us around the world.”
Toys “R” Us filed for chapter 11 bankruptcy protection in 2017 to help the company rid itself of debt. Tru Kids Inc. ultimately purchased the store in a liquidation sale in January 2019. Under Tru Kids, the company opened two new locations in New Jersey and Texas, but those locations were closed due to financial struggles amid the coronavirus pandemic.
Through all these closures and financial struggles, Toys "R" Us never permanently disappeared. For starters, the Toys “R” Us website is still operational and in-person shopping visits may be on the horizon.
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