Post by Admin on Apr 27, 2018 2:42:19 GMT
icv2.com/articles/news/view/40234/bids-toys-r-us-stores-canada-asia-australia-europe
BIDS IN FOR TOYS 'R' US STORES IN CANADA, ASIA, AUSTRALIA, EUROPE
US and UK Stores Still Closing
Posted by Milton Griepp on April 24, 2018 @ 4:50 am CT
A stalking horse bid for the Toys ‘R’ Us stores in Canada has a good chance of saving the chain there, and offers are also coming in for other international territories. Investment firm Fairfax Financial Holdings submitted a bid of around US$237 million for the 82 Canada stores, according to Bloomberg, with other potential bidders having until yesterday to submit additional bids. Fairfax would then have a chance to match or exceed other bids.
In Europe, Ireland-based Smyth’s Toys is acquiring the 90 Toys ‘R’ Us stores in the German-speaking territories of Germany, Austria, and Switzerland, according to the New York Post. Various approvals are required before the deal can close.
The Asia and Australia stores also appear likely to be saved, with investment bank Lazard working on a sale. Over a dozen offers have been received for the 400 stores in Asia and Australia, according to The Canberra Times, with Lazard currently working on narrowing the group for a second round of bidding.
But in the U.S., where the court rejected an offer from a group led by MGA Entertainment CEO Isaac Larian for 274 of the U.S. stores and all of the Canada stores last week (see "Toys ‘R’ Us Bid Rejected"), and in the UK, the liquidations of all stores continue, apparently unstoppable.
BIDS IN FOR TOYS 'R' US STORES IN CANADA, ASIA, AUSTRALIA, EUROPE
US and UK Stores Still Closing
Posted by Milton Griepp on April 24, 2018 @ 4:50 am CT
A stalking horse bid for the Toys ‘R’ Us stores in Canada has a good chance of saving the chain there, and offers are also coming in for other international territories. Investment firm Fairfax Financial Holdings submitted a bid of around US$237 million for the 82 Canada stores, according to Bloomberg, with other potential bidders having until yesterday to submit additional bids. Fairfax would then have a chance to match or exceed other bids.
In Europe, Ireland-based Smyth’s Toys is acquiring the 90 Toys ‘R’ Us stores in the German-speaking territories of Germany, Austria, and Switzerland, according to the New York Post. Various approvals are required before the deal can close.
The Asia and Australia stores also appear likely to be saved, with investment bank Lazard working on a sale. Over a dozen offers have been received for the 400 stores in Asia and Australia, according to The Canberra Times, with Lazard currently working on narrowing the group for a second round of bidding.
But in the U.S., where the court rejected an offer from a group led by MGA Entertainment CEO Isaac Larian for 274 of the U.S. stores and all of the Canada stores last week (see "Toys ‘R’ Us Bid Rejected"), and in the UK, the liquidations of all stores continue, apparently unstoppable.