Toys 'R' Us stores in Canada, U.S. draw $890M bid

Massive Rave At Abandoned Toys “R” Us Ends In Police Raid & 5 Arrests

Larian said he is looking to turn Toys R Us into more of a destination for families. "Everyday that goes by, the value of Toys "R" Us declines and more people lose their jobs".

As a result of the massive party on March 31, dubbed "Raves R Us", Hounslow Police learned of the "unlicensed music event", raided the place, seizing a sound system, and ended up with five people arrested.

"The time is now", Larian said. Larian, the CEO of MGA Entertainment, previously attempted to raise $1 billion through a crowdfunding campaign to save the struggling toy brand.

Larian is looking to buy more than 200 of the remaining 735 locations in the United States, and nearly all of more than 80 locations in Canada, a spokesperson said.

"I did my part and now it's up to the other side to accept this offer", Larian said in a statement. Under bidding rules approved by a bankruptcy judge, bidders must meet certain minimum qualifications. Toys has a bid-deadline scheduled for its Canadian assets today, April 13, a sale-objection deadline on April 16 and an auction on April 18.

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In the past, Larian has blamed the demise of Toys "R" Us on its private equity owners, which saddled the company with debt.

Toys R Us' troubles have already shaken some big toy makers like Mattel and Hasbro.

Isaac Larian, founder of Bratz maker MGA Entertainment, said he has bid $675 million to buy the USA stores of Toys "R" Us as well as $215 million to buy the Canadian stores. Toys "R" Us filed for bankruptcy last fall.

Larain runs toy-maker MGA Entertainment.

Toys "R" Us, once the largest USA toy retailer, abandoned last month a plan to emerge from bankruptcy. "The industry will truly suffer", Larian said.

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