Larian, the CEO of the toy company MGA Entertainment, on Friday bid $890 million for more than 300 Toys R Us stores in the United States and Canada. Isaac Larian said Thursday he's disappointed but still plans to formally submit a bid this week for more than 300 stores in the US and Canada.
The CEO behind Bratz dolls and Little Tikes toys is officially making his bid for Toys "R" Us.
Businessman and MGA Entertainment CEO Isaac Larian hopes to save the Wayne, New Jersey-based retailer with an $890 million bid on Friday.
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Larian has also had about $252 million to date committed through a crowdfunding effort aimed at raising $1.3 billion to keep stores open, but the campaign doesn't cover Canadian stores.
MGA said the funds for the purchase will come from Larian's own coffers, additional investors and bank financing.
In March, the company announced it would close or sell all of its 735 us stores. "The industry will truly suffer".
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It also demanded the release of a police officer accused of involvement in the rape and murder of the girl. She was abducted on January 10 and was later strangled to death on January 14.
Toys "R" Us declined to comment.
The liquidation of Toys R Us "is going to have a long-term effect on the toy business", he said.
Toys R Us' troubles have already shaken some big toy makers like Mattel and Hasbro. If Larian does win the bid, he says he plans to remake the stores as a fun and engaging place where families can spend the day. "Imagine a mini-Disneyland in each neighborhood".
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A police radio call shows that two officers were assigned to investigate the call seven minutes after the first call was made. The dispatcher sent a police officer to the scene, who searched the parking lot but couldn't find anyone stuck in a van .
"Every penny it made went to paying the debt service", he said in an interview with CNNMoney last month.