Geoffrey Lives: Toys R Us Planning a Comeback
Just months after closing all their United States stores - including those in Central New York - Toys R Us is planning a comeback.
This summer, Toys R Us stores across the US held huge liquidation sales to empty their stores of all remaining toys. As part of the bankruptcy proceedings that included the liquidation of inventory, an auction was set to occur for other critical brand assets, including the "Toys R Us" and "Babies R Us" names, web domains, and the beloved mascot, Geoffrey.
Now, the Wall Street Journal is reporting the hedge fund managers who control what's left of Toys R Us have decided not to auction those assets, and instead build a new toy company under the Toys R Us name. That same report says the loss of Toys R Us "left an $11 billion hole in the toy industry, and hundreds of toy vendors without a major bricks-and-mortar platform to sell their goods." The decision to shut 800 U.S. Toys “R” US stores also left 33,000 people without jobs.
Does this mean the shuttered store in New Hartford will be alive with the sound of children once again? That's probably unlikely, but it's very possible we may all have the chance to be a Toys R Us kid again.