(KGTV) - We all thought Toys “R” Us was dead and gone after going out of business last year. But now, we could be seeing the makings of a dramatic comeback.
The company Tru Kids Inc., also known as Tru Kids Brands, now owns Toys “R” Us, Babies “R” Us and the beloved mascot Geoffrey the giraffe.
Tru Kids Inc./Tru Kids Brands took ownership of Toys “R” Us and other properties on Jan. 20. The company said some former Toys “R” Us employees are part of the comeback effort.
"We have a once-in-a-lifetime opportunity to write the next chapter of Toys ‘R’ Us by launching a newly imagined omni channel retail experience for our beloved brands here in the U.S. In addition, our strong global footprint is led by experienced and passionate operating teams that are 100% focused on growth,” said Tru Kids Brands President/CEO Richard Barry.
The company said they plan to open 70 Toys “R” Us and Babies “R” Us stores this year in Asia, India, and Europe. The company, based in New Jersey, has not announced when stores will open in the U.S.
Barry said, "We have an incredible team focused on bringing Toys ‘R’ Us and Babies ‘R’ Us back in a completely new and reimagined way, so the U.S. doesn't have to go through another holiday without these beloved brands.”
In 2018, Toys “R” Us and Babies “R” Us stores across the nation closed down after 70 years in business.
Experts said the company’s huge debt, increased competition from retailers like Walmart and a boom in online offerings from companies like Amazon led to its downfall.