Can’t Stop, Won’t Stop — Rejected Billionaire Continues Effort to Save Toys ‘R Us
You’ve got to admire the billionaire toy company executive, Isaac Larian, CEO of MGA Entertainment, who persists in the face of rejection. He’s been launching unsuccessful bids to save Toy’s ‘R Us stores. After generating a crowd-sourced effort to save the chain, his first bid for the company of $675 million was rebuffed.
He still feels he can make it happen, according to CNN. He’s abandoning his bid for the Canadian stores and will now focus on making a higher bid for the locations in the United States. He was outbid by around 10% for the Toys ‘R Us stores in Canada.
With financial backing, his hope is that a higher bid for the US portion of the chain will prevail, and he is currently formulating that bid.
In all, he is looking to keep 274 stores open in addition to the store's headquarters. That would equal saving somewhere between 7,000 and 10,000 jobs although it’s a fraction of the amount the company had when they first announced their impending closure last month.
What’s also at stake here in jobs with vendors that supply Toys ‘R Us says Isaac Larian who was quoted by CNN as saying: "If Toys "R" Us doesn't exist, the whole toy industry will be hurt for a long time."
He highlighted the 16% drop in sales that Hasbro saw Monday, that the company says is due to the news of the Toys "R" Us shut down. Isaac Larian's toy company is also suffering from the down turn, however, he’s quoted as saying: "I'm an optimist. I think things are going to work out". He also stated that even if the stores are closed he will continue to try to work a deal to save them.
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