Billionaire toy mogul abandons quest to buy some U.S. Toys “R” Us stores

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Billionaire toy mogul abandons quest to buy some U.S. Toys “R” Us stores

By CSA Staff - 05/23/2018
Isaac Larian, founder and CEO of toy company MGA Entertainment Inc., has thrown in the towel when it comes to Toys “R” Us.

Larian has given up his effort to buy nearly 300 hundred U.S. Toys “R” Us stores from the bankrupt chain after he and the company's debt holders were unable to reach an agreement, reported The Los Angeles Times.

A group of investors led by Larian had submitted a $675 million bid April 13, for 274 of the 735 U.S. and Puerto Rican stores the retailer is liquidating. It was rejected as inadequate.

"The so-called advisors and lawyers milked that company to death in a matter of seven months, which is remarkable," Larian said in the report. "And the current lenders are just not in touch with reality on valuation."

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