March 23 (UPI) — The CEO of California-based toy company MGA Entertainment launched a crowdfunding campaign to save Toys ‘R’ Us after the company announced plans to close all of its U.S. stores.
Isaac Larian and other investors have pledged more than $200 million and are seeking to raise another $800 million through a GoFundMe campaign under the name #SaveToysRUs to make a bid to acquire “some Toys ‘R’ Us assets through the bankruptcy process.”
Larian is also offering toys from his various toy lines to people who donate, including special edition Num Noms for those who pledge $50 to $99, a special edition L.O.L Surprise toy for a donation of $100 to $499 and a special edition Little Tikes Cozy Coupe for donating between $500 and $999.
Other donation incentives include #SaveToysRUs bumperstickers, pins and magnets, an “I’ll ALWAYS be a Toys ‘R’ Us kid” T-shirt and a tour of the Little Tikes factory.
Toys ‘R’ Us formally announced it had begun the process of liquidating and closing its stores in the United States last week when it asked a court for approval to sell off inventory in all 735 U.S. stores.
The company’s international operations in Australia, France, Poland, Portugal and Spain said they were also “considering their options” in light of the liquidation announcement.
Employees said the U.S. store closings could affect as many as 33,000 jobs.
When the news was first announced, Larian said “there is no toy business without Toys ‘R’ Us,” and expressed interest in buying up to 400 of the company’s U.S. stores to operate under the Toys ‘R’ Us name.
“It’s a big deal and I’m going to try to salvage as much of it as possible,” he said.
