Nearly four months after packing his bags seemingly for good, it appears Geoffrey the Giraffe is readying for a comeback.
According to the Wall Street Journal, Toys R Us has opted to cancel its previously announced bankruptcy auction, which would have seen both the brand name and other intellectual property assets go up for sale. The surprising move comes approximately four months after the company closed all of its stores throughout the United States this past June. Instead, the company's controlling lenders intend to try and revive the business, and with it the Toys R Us and Babies R Us brands.
The former retail giant apparently filled court papers yesterday that explained that, despite receiving "qualified bids for the assets," -- which would have included Geoffrey the Giraffe, registries and more - it has decided not to move forward with the auction. The reasoning for this decision is because the company's controllers ultimately realized that despite the "qualified bids," none of the bids would have served a superior alternative to the company's revival plan.
Details regarding the company's reorganization are currently sparse. However, court papers reveal the current plan is to have "a new, operating Toys ‘R’ Us and Babies ‘R’ Us branding company that maintains existing global license agreements and can invest in and create new, domestic, retail operating businesses" that will continue to operate under the brand name.
News that Toys R Us would be shuttering all 800 U.S. store first surfaced back in March of this year, with the company quickly confirming the reports.
Toys R Us was originally founded in 1948 at Children’s Discount Supermarts and was considered the "go-to" toy store for generations and was, undoubtedly, a cultural phenomenon -- mainly thanks to Geoffrey the Giraffe.