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Toys "R" Us may well come back.
The company closed all its US stores in June as part of a bankruptcy liquidation. But the owners of the company's remaining assets plan to revive their business, as well as the Babies "R" Us brand, revealed the company in a case filed in court this week.
Toys "R" Us had planned to auction the rights to its name and Babies brand "R" Us. Bidders had already made offers for them, according to the rankings. But the owners of the company have decided to cancel the auction.
The company said it was considering "a new brand-name company being used, Toys 'R & Us and Babies' R & # 39; Us," says the document. . The plan "would create new national retail companies under the names of Toys" R "Us and Babies" R "Us, expand its international presence and further develop its private label business."
The details of when and how the brand would be brought back to life were not disclosed.
The fact that other bidders are interested in buying the name does not necessarily mean that others were trying to bring it back to life. Companies often buy the brands of their nonprofessional competitors in a bankruptcy court to make sure the mark can no longer be used by a new competitor. The details of those looking to buy the Toys "R" Us brand have also not been disclosed in the bankruptcy file.
Toys "R" Us filed for bankruptcy a year ago, with the intention of using the reorganization process to free itself from debt and stay in business. After an extremely difficult Christmas shopping season, the company announced in March that it would close the remaining 800 stores in the United States and go bankrupt.
This cost about 31,000 workers their jobs. The 70-year-old retailer closed in June.
CNNMoney (New York) First published October 3, 2018 at 07:28 ET
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