Apr 12, 2018

Toys R Us receives several $1bn bids for its Asia unit

Toy store giant Toys R Us has received bids of more than $1bn from prospective buyers for a majority stake in its Asia business, a lawyer for the firm said. Toys R Us stores in the US and the UK are now being shut down. Toys R Us lawyer Joshua Sussberg, from Kirkland and Ellis, told a US bankruptcy court hearing on Wednesday that several bidders were interested in buying an 85% stake in the firm's Asian unit. Attempts to sell off Toys R Us stores in the UK were described as difficult, with one administrator in the UK telling the BBC that any potential purchaser would have a tough time sorting things out, including gaining rights to use the Toys R Us name, which is held by the US parent firm. Toys R US continues to operate more than 700 stores across Asia, including Japan, China and Singapore.

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