The Toys ‘R’ Us bankruptcy auction has been cancelled, replaced with a plan to reboot the brand and open new stores.
Reuters reports that instead of just selling off the brand name and assets like their original plan, lenders now want to “open a new Toys ‘R’ Us and Babies ‘R’ Us branding company that maintains existing global licence agreements and can invest and develop new retail shops”.
There’s no word yet on just how many stores that would be, or what form they’d take once open.
The decision to revive the brand came from the fact that bringing Toys ‘R’ Us back was seen as a better economic option to creditors than any bid for its assets.
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