April 24, 2018 11:26 PM ET

Specialty Retail

Company Overview of Toys"R"Us (Canada) Ltd.

Company Overview

Toys"R"Us (Canada) Ltd. operates retail stores that sell toys, games, and other related products for kids in Canada. The company offers products in the categories of arts and crafts, baby toys, backpacks and lunch bags, books, building sets and blocks, discovery kits, dolls and playsets, games and puzzles, learning toys, musical instruments and karaoke, outdoor play kits, party favors and supplies, playroom products, plush stuffed animals and toys, preschool toys, pretend play products, toddler and kid’s bedroom products, trading cards and collectables, and other products; vehicles, trains, and RC vehicles; and video gaming, entertainment, and electronic products. It also sells products onli...

2777 Langstaff Road

Concord, ON LMK 4M5

Canada

Founded in 1983

Phone:

905-660-2000

Fax:

905-660-2021

Key Executives for Toys"R"Us (Canada) Ltd.

Chairman and Chief Executive Officer
Age: 65
Vice President of Marketing & Store Planning
Chief Play Officer
Compensation as of Fiscal Year 2017.

Toys"R"Us (Canada) Ltd. Key Developments

Multiple Bids For Toys R Us Canadian Stores

Toys"R"Us (Canada) Ltd. has received multiple non-binding offers. The bankruptcy documents say debtors had reached out to more than 20 interested parties in a bid to sell off the 82 stores in Canada as the toy retailer looks to wind down operations. The filings say debtors are looking to combine up to 200 of the best-performing United States stores with the Canadian sell-off, as first mentioned by Toys “R” Us Chief Executive Officer David Brandon. Toys “R” Us has said it’s closing or selling its 740 stores as well as its international operations, with filings showing the company has received “several” non-binding offers for all or parts of the European business and has asked for offers for the Asian-Pacific business by early April 2018. The debtors are actively negotiating with potential bidders for a reverse merger of Toys 'R' Us, Inc.'s equity interests in Toys 'R' Us Canada, according to documents filed at the U.S. Bankruptcy Court in Richmond. Interested parties have been given access to an electronic data room with detailed financial records. The proposed timeline for the sale is quick, if there are several qualified competing bids, the debtors will hold an auction for the business on March 29, 2018 and the closing of the sale of Toys 'R' Us Canada equity would occur "no later than April 16, 2018."

MGA Entertainment Seeks To Acquire Toys"R"Us (Canada)

MGA Entertainment, Inc. is bidding for the Canadian operations of Toys “R” Us Inc. along with stores in Puerto Rico from Toys “R” Us Inc. Isaac Larian, Chief Executive Officer of MGA said “Toys “R” Us Canada is a good business.” He further said, “They run it efficiently, and have good leadership. At the right price, it makes economical sense.”

Motion for Store Closing Sale Filed by Toys "R" Us Inc.

Toys "R" Us Inc. filed a motion in the US Bankruptcy Court for approval of store closing sales on February 23, 2018. As per the motion, debtor seeks to enter into certain consulting agreements, each dated as of January 17, 2018 with a joint venture comprised of Tiger Capital Group, LLC and Great American Group, LLC and another joint venture comprised of Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC to conduct store-closing sales. Debtor has identified 182 stores for closing. Debtor expects the sales and store closings to be conducted until no later than April 16, 2018. Debtor shall pay base fee to the consultants equal to 1.10% of the gross proceeds. Debtor may pay an incentive fee up to 0.30% of the gross proceeds upon overall performance.

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