Last week, we shared word that Toys R Us may be attempting a comeback, rejecting all formal and informal bids for the brand assets and looking to relaunch on their own. What is now hitting more mainstream outlets is that, while that news was making the rounds, Geoffrey, the Toys R Us mascot was at the Dallas Fall Toy Preview event, sporting an all-new logo. Thanks to Toy Queen, we have a look at Geoffrey and one of the reps walking around the event.
According to an article posted by ToyBook.com, the initial Geoffrey’s Toy Box locations will be a store-within-a-store concept. This would see Geoffrey’s Toy Box pop-up stores opening up inside already existing retail outlets (much like how Samsung and Apple have dedicated spaces inside Best Buy). The plan is to open the first locations in November of this year at regional Midwestern retailer.
Toys R Us closed it’s 800 U.S. stores in June of this year, eliminating roughly 33,000 jobs. Auctions were initially planned for the brand assets, but were rejected as these details came to light. There’s also a press release from Toys R Us available, detailing the initial plans for their return. Check that out after the jump.
Geoffrey, LLC’s Assets to Be Acquired by Its Secured Lenders
WAYNE, NJ – October 2, 2018 – Geoffrey, LLC, Toys “R” Us, Inc.’s intellectual property holding company subsidiary, announced today that it is moving forward with a plan for substantially all of its assets to be acquired by a group of investors led by Geoffrey, LLC’s existing secured lenders.
The announcement was made following a five month marketing effort by Boston-based Consensus, an investment bank retained to market the assets of Geoffrey, LLC, that resulted in several formal and informal proposals to acquire the intellectual property assets. After considering such proposals, it was determined that the proposal from the existing term lenders was meaningfully higher and better than any other global bid or the sum of the bids received on individual assets. The transition of the business to its new owners is pending approval of the United States Bankruptcy Court and all major creditor constituencies are supportive. Geoffrey, LLC thanks all parties that participated in discussions with the company over the prior months, particularly those that submitted proposals, for their thoughtful and diligent engagement.
Geoffrey, LLC, as reorganized, will control a portfolio of intellectual property that includes trademarks, ecommerce assets and data associated with the Toys “R” Us and Babies “R” Us businesses in the United States and all over the world, including a portfolio of over 20 well-known toy and baby brands such as Imaginarium, Koala Baby, Fastlane and Journey Girls. The reorganized company will own rights to the Toys “R” Us and Babies “R” Us brands in all markets globally, with the exception of Canada. It will also become the licensor of the brands to the company’s existing network of franchisees operating in countries across Asia, Europe and the Middle East, and in South Africa.
In addition to continuing to service these markets, the new owners are actively working with potential partners to develop ideas for new Toys “R” Us and Babies “R” Us stores in the United States and abroad that could bring back these iconic brands in a new and re-imagined way. Geoffrey LLC will provide additional detail on this front as it becomes available.