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 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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