Toys 'R' Us assets get $890M bid from MGA Entertainment

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Toy company MGA Entertainment said on Friday it put in an $890 million bid for Toys "R" Us stores in the USA and Canada.

Isaac Larian, founder of Bratz maker MGA Entertainment, said he has bid $675 million to buy the USA stores of Toys "R" Us as well as $215 million to buy the Canadian stores.

Toys "R" Us announced last month it would close all USA stores, affecting about 800 locations and 33,000 jobs.

The money, according to a statement from Larian, is coming from himself, additional investors and bank financing.

In March, the company announced it would close or sell all of its 735 us stores.

In a separate post on Twitter, Larian said he wanted to save 130,000 jobs, and he tagged President Donald Trump's Twitter handle.

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"I followed through on my part", Larian wrote on LinkedIn late Thursday.

Larian said he is looking to turn Toys R Us into more of a destination for families.

Toys "R" Us filed for bankruptcy in September in the face of strong competition from online retailers such as Amazon.com Inc (AMZN.O). "The prospect of bringing the Toys R Us experience to a new generation, my new grandson's generation, is enough to motivate me to Save Toys R Us".

Toys R Us' troubles have already shaken some big toy makers like Mattel and Hasbro. The campaign has raised over $200 million till date. "The toy industry is going to suffer".

Larain runs toy-maker MGA Entertainment.

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