Toys R Us fans in the US should see the iconic brand re-appear in some form through this holiday season.
Richard Barry, a former Toys R Us executive and now CEO of a new company called Tru Kids Inc. , the Associated Press said that he and his team are still working on details, but they are looking at various options including freestanding stores and stores within existing stores. He said e-commerce would play an important role.
Toy R Us, buckling under competition from Amazon and many billions of dollars of debt, filed for Chapter 11 reorganization in September 2017 and then venture businesses last year to the US as well in many other regions including the UK
In October, a company called Geoffrey LLC won an auction for Toys R Us properties to revive the brand, rather than sell it for parts. Geoffrey's Toy Box was founded in November last year in nearly 600 Kroger stores in nearly 30 states.
Beginning on January 20, Barry and some other early Toy R Us builders Tru Kids and now manage Toys R Us, Baby R Us and Geoffrey brands.
Toys R Us has generated $ 3 billion in global retail sales in 201
"These brands are loved by customers," Barry says. He said the company would focus on experiences in physical stores, which could be about 10,000 square feet. The original Toys R Us stores are approximately 40,000 square feet.
Barry said that he and his team are reaching out to toymakers and have received strong support. But he acknowledged that many of Toy R Us's losses were burned.
Tru Kids is based in Parsippany, New Jersey, about 20 minutes drive from Wayne, New Jersey, where Toys R Us is based. The new company will work with licensing partners to open up to 70 stores this year in Asia, India and Europe. Outside of the U.S., Toy R Us continues to operate about 800 stores.