Multiple bids of more than $1b have been received for an 85% stake in Toys R Us’ Asian business, according to lawyer Joshua Sussberg.
The company is moving ahead with plans to sell some non-US operations. Toys R Us has said it will try to maintain more profitable locations in Europe and Asia as an on-going business while it liquidates its US and UK operations.
Speaking at a US Bankruptcy Court hearing in Richmond, Virginia, the company’s lawyer Joshua Sussberg said Toys R Us was in advanced discussions with a buyer for its Central European business.
In the United States, liquidation sales and real estate auctions were going “better than expected”, he said, creating additional money to repay creditors.
The retailer said it has received a commitment from noteholders for $80m in incremental financing to boost liquidity and support its Asian and Central European operations. Toys R Us said that the financing provides greater flexibility to operate and build inventory for the 2018 holiday season.