Toys R Us isn’t ready to get banished to the island of misfit toys.
Months after the toy chain’s demise, Tru Kids Inc. — also known as Tru Kids Brands — has gobbled up Toys R Us, Babies R Us, and their mascot, Geoffrey.
A statement from Tru Kids on Monday cited the former toy retailer’s “brand power” and “loyalty,” saying the Toys R Us and Babies R Us lines “generated over $3 billion in global retail sales in 2018 through more than 900 stores and e-commerce businesses.”
Tru Kids was founded this year to salvage the retailer’s still valuable brands. Richard Barry, the company’s CEO and president, worked at Toys R Us for 33 years, rising to the rank of global chief merchandising officer.
“Despite unprecedented efforts to capture the US market share this past holiday season, there is still a significant gap and huge consumer demand for the trusted experience that Toys R Us and Babies R Us delivers,” Barry said in the statement from Tru Kids.
The toy retailer’s bankruptcy filing and subsequent store closures and layoffs sparked woes at toy makers like Hasbro and Mattel during the holiday season. But this isn’t Toys R Us’s first resurrection act. Speculation about a return swirled in October when its brand auction was canceled. And in November, Toy R Us reorganized and launched a series of pop-up events at Kroger.
The Tru Kids statement said the veteran Toys R Us executives Matthew Finigan, James Young, and Jean-Daniel Gatignol would also have leadership roles in the new company.
“We have an incredible team focused on bringing Toys R Us and Babies R Us back in a completely new and reimagined way, so the US doesn’t have to go through another holiday without these beloved brands,” Barry said.