It’s Official Toys “R” Us Has Been Saved By a Canadian Company
Last week, there were rumblings that the Canadian operations of Toys “R” Us was looking for a financial saviour to back the one mighty retailer.
Today, the CBC is reporting that a U.S. bankruptcy judge has approved the sale of the Canadian operations of Toys “R” Us to Toronto-based Fairfax Financial Holdings Ltd.
The CBC reports that Judge Keith Phillips gave his consent to the $300-million sale.
Fairfax Financial was the only bidder at the auction held on Monday, and now own 82 Canadian Toys “R” Us outlets which have remained open throughout the entire process.
The main condition of the sale is that Toys “R” Us Canada will have to set aside $156 million US to pay for vendors for merchandise shipped after the U.S. retailer’s U.S. Chapter 11 bankruptcy filing last September.
So if you were worried that Toys “R” Us would be disappearing from the Canadian retail landscape fret not. Toys “R” Us is here to stay.