New York: Popular US toy store Toys “R” Us is starting to change hands again, this time turning to an investment firm pledging to expand the franchise that once dominated the market.
Leading brand acquisition and management WHP Global, today, announced that it has taken control of the struggling business known as the Geoffrey the Giraffe mascot and the letter R in the name.
The deal comes two years after the retailer acquired the Babies “R” Us toy and clothing store in a liquidation deal by Tru Kids Inc, in which New York-based WHP said it had acquired a controlling stake.
“Our investment in Toys ‘R’ Us reflects our belief and passion for the brand,” said Yehuda Schmidman, WHP Chairman and CEO.
“This is well suited to WHP, as we can leverage our global network and digital platform to help grow Toys ‘R’ Us and Babies ‘R’ Us around the world.”
He pointed out that this category increased by 16% and that “consumer demand to play is at its highest level ever.”
In an interview with CNBC, he said he wants to reopen Toys “R” Us stores in the US, ideally for the upcoming holiday season.
Schmidman is familiar with the brand as he has been the Vice President of Tru Brands since 2019.
His company also operates clothing brands Anne Klein and Joseph Abboud.
Tru Brands attempted to reopen Toys “R” Us stores but was frustrated by reduced traffic in malls and closures caused by the Covid-19 pandemic.
The statement said Toys “R” Us and Babies “R” generates more than $ 2 billion in global retail sales annually through nearly 900 stores and e-commerce sites in more than 25 countries across North America, Europe, Asia and Africa. And Australia.