MGA Entertainment Inc. Chief Executive Officer Isaac Larian has bid US$890mln to save Toys "R" Us from going out of business, the Wall Street Journal reported.
Larian bid $675mln to buys the US stores of the toy company, along with US$215mln for its outlets in Canada, the newspaper said, citing an interview with Larian. Toys "R" Us currently is in bankruptcy proceedings and has begun liquidating its stores in Canada.
READ: Weak holiday season force Toys ”R” Us Inc to liquidate US stores, give up restructuring plans - source
Larian in March set up a GoFundMe page in a bid to raise US$1bln to save the store chain, putting in US$200mln initially himself. Donors pitched in an additional US$59,000, but the campaign fell short of the goal.
The financng for the US$890mln bid will come partly from Larian's own pocket and partly from investors and bank financing, according to the report.