It looks like we don't all have to grow up just yet. Owners of Toys R Us' remaining assets are looking into reviving the toy business, including the Babies R Us brand, revealed by the company in a court filing earlier this week. Back in June of this year, the beloved toy store closed its doors for good as a part of the bankruptcy liquidation, which crushed thousands of hearts across North America. In addition to the store closures, 33,000 jobs were lost in the process.
Toys R Us was prepared to auction off the rights to its name, but pulled out at the last minute. The company's controlling lenders say that they, "intend to revive the business behind the Toys R Us and Babies R Us brand names," which means that many of those lost jobs could end up coming back as well. Toys R Us' lenders decided to reverse the bankruptcy auction after speaking to controlling parties and later coming to the consensus that the brand was just too valuable to give up.
It's not clear what the Toys R Us "newly-established, independent U.S. business" will look like, or even when it will happen, but it seems that the company's lenders really want to bring the iconic toy and collectibles store back to life, which should make some grownups and kids very happy. Before the stores were closed, the company was blowing toys out, leaving sad empty shelves behind. Right before everything closed, the Toys R Us stores barely had anything in them, having been picked clean by people looking to get a great deal and support the brand one last time.
Before the Toys R Us stores closed, former CEO Jerry Storch was reportedly looking for a way to breathe new life into the brand, but sadly, everything fell apart before that could happen. However, Storch could be involved in the new version of the store, though that has not been confirmed at this time. During his time with the company, Storch was able to bring forward some major earnings along with his team. Hopefully rumors surrounding his return turn out to be true.
It might be time to dust off those Geoffrey the Giraffe costumes and take some triumphant pictures to replace those sad Geoffrey pictures that circulated on social media around the time of the Toys R Us closures. While nothing is officially confirmed at this time, it's likely that the stores will be coming back along with a bunch of new jobs, which should be very exciting for those people who lost those jobs and families who used to love heading into an actual toy store, as opposed to buying something online for a few bucks cheaper. While we wait for more information about the return of Toys R Us, you can read the original report over at The Wall Street Journal.