An Ontario court has approved a plan to sell Toys “R” Us Canada to three different buyers as the company works to reduce its debt after filing for creditor protection earlier this year.
One deal gives U.S.-based Ad Populum ownership of the Toys “R” Us and Babies “R” Us names, logos and trademarks, including the Geoffrey the Giraffe mascot. Another deal transfers 10 store leases, inventory and other business assets to a company owned by current owner Doug Putman, who hopes to keep operating the chain or rebrand it in the future.
A third deal sells the lease for the Vaughan Mills store near Toronto to Fox Group Jumbo Canada.
Toys “R” Us Canada owes at least $120 million to suppliers and has reduced its operations from dozens of stores to just 15 locations with about 260 employees. The company’s future remains uncertain as it continues restructuring.
