NEW YORK (AFP) – Iconic American toy store Toys ‘R’ Us is changing hands once again, this time going to an investment firm that promises to expand the chain that once dominated the market.
Leading brand acquisition and management company WHP Global announced on Monday it had taken control of the troubled business known for its Geoffrey the Giraffe mascot and backwards ‘R’ in the name.
The deal comes two years after the retailer along with the Babies ‘R’ Us toy and clothing store was acquired in a liquidation sale by Tru Kids Inc, which New York-based WHP said it had taken a controlling interest in.
“Our investment in Toys ‘R’ Us reflects our belief and passion for the brand,” WHP Chairman and CEO Yehuda Shmidman said.
“This is a natural fit for WHP, as we can leverage our global network and digital platform to help grow Toys ‘R’ Us and Babies ‘R’ Us around the world.”
He noted that the category is up 16 per cent and “consumer demand for toys is at an all-time high”.