Toys 'R' Us assets get $890M bid from MGA Entertainment

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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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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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"Every penny it made went to paying the debt service", he said in an interview with CNNMoney last month.

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