Toys 'R' Us gets US$890m bid for US-Canada stores

[BENGALURU] Toy company MGA Entertainment said on Friday it put in an US$890 million bid for Toys 'R' Us stores in the US and Canada.

Billionaire Isaac Larian, who heads MGA Entertainment, put in a bid of US$675 million for stores in the United States and US$215 million for stores in Canada, MGA said in a statement.

The funds to purchase the stores will come from Mr Larian's own coffers, additional investors and bank financing, the privately held toy and entertainment company said.

Toys 'R' Us, once the largest US toy retailer, abandoned last month a plan to emerge from bankruptcy.

REUTERS