Toys R Us plans to reopen some stores in the United States under new ownership, according to an announcement by a management company Monday.
The New York-based brand management company WHP Global said in a press release that it became a “significant shareholder” in Tru Kids, the parent company behind the Toys R Us and Babies R Us brands. WHP plans to open a number of Toys R Us stores again in the U.S., ideally ahead of this holiday season, CNBC reported.
According to Yehuda Shmidman, chairman and CEO at WHP, the demand for toys is at an “all-time high.”
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“Our investment in Toys ‘R’ Us reflects our belief and passion for the brand. We are thrilled to be taking the reins of the world’s leading toy brand at a time when the category is up 16% and consumer demand for toys is at an all-time high,” Shmidman said.
Tru Kids bought the brands and intellectual property from Toys R Us in 2019 after it filed for Chapter 11 bankruptcy protection in September 2017. Toys R Us was unable to emerge from bankruptcy following the 2017 holiday season, losing 735 stores across the U.S.
Still, the company’s retail locations across the world have managed to stay afloat despite losing hundreds of stores in the U.S.
“Toys ‘R’ Us and Babies ‘R’ Us generate over $2 billion in global retail sales annually through nearly 900 branded stores and ecommerce sites in over 25 countries across North America, Europe, Asia, Africa, Australia, and the Middle East,” WHP Global’s press release said.
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Representatives for WHP Global and Tru Kids did not immediately reply to the Washington Examiner‘s requests for comment.
