While there's currently a campaign to try and save Toys "R" Us, there is some disappointment from one of the campaign's central figures.
That would be billionaire Isaac Larian, who many know as the creator of the Bratz doll franchise. Larian is the CEO of MGA Entertainment, and with several others has donated significant funds to a GoFundMe campaign to try and save Toys "R" Us. Larian did express some disappointment to FOX Businesses' Neil Cavuto however regarding other executives and companies not coming out to help.
"I think I have a business plan to, which I'm not going to disclose on the air right now, to turn this company but frankly I am a little disappointed why other companies and chief executives in the toy industry haven't come to the table to support this," Larian said. "You know we all made a lot of money from Toys "R" Us. I sold my first toy to Charles Lazarus in 1979 and I believe that I am in indebted to that legacy, and as long as the business would make sense at the right price, I'm going to do the best damn thing I can to save it."
Larian also highlighted how losing Toys "R" Us will affect the current landscape of the toy business in general, resulting in plenty of job losses not just in regards to Toys "R" Us employees but also in regards to distributors, logistics, and other divisions of the toy industry.
“It’s an American Icon and if there is no Toys “R” Us, the whole toy business as a whole I believe will suffer greatly,” Larian said.3comments
When the topic a successful standalone toy store being past its prime came up, Larian brought up several other stores who are experiencing success and growth, bringing up UK chains like Entertainer (37% increase in profit) and Smith, which is located in the U.K. and Ireland. Both are brick and mortar focused still, and are on the upswing, so it can be done.
For now, we'll have to wait and see, but Larian also revealed that his company has entered a bid on the Canada Toys "R" Stores, and if they can raise the money seeks to also try and keep 200 to 400 of the U.S. stores open. You can find out more about the GoFundMe here.