TOYS ‘R’ Us could be saved after its top lenders cancelled a planned sell-off of the brand on Monday.
Court filings show that an auction of intellectual property attached to the bankrupt retailer — including its brand name and famous Geoffrey the Giraffe logo — was called off at the last minute.
Toys ‘R’ Us could be brought back from the brink after a planned sell-off of the brand in the US was called off[/caption]
The move in the US may see the beloved chain brought back to life in the States initially before a revival abroad — potentially including the UK.
Its debtors want to kick-start the brand into opening new shops just months after it went into administration.
The lenders also plan to expand its international presence and further develop its private brands business.
Toys ‘R’ Us filed for Chapter 11 bankruptcy protection in the US in September last year.
The retailer’s 106 UK stores began closing in March this year[/caption]
Chairman and CEO of Toys ‘R’ Us Dave Brandon[/caption]
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But the company changed course in March saying it would sell its operations in Canada, Asia and Europe, and shut down in the US.
Its 106 UK stores began closing down in March — leaving at least 3,000 staff out of work.
Up to 40 per cent was slashed off prices in its closing down sale in all stores in an attempt to shift stock.
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