US intellectual property auction date has been pushed back to 6th August, allowing more time for discussions with interested parties.
As reported by the New York Post, Toys R Us says that interest in its intellectual property, which includes its Babies R Us, Toys R Us and Geoffrey trademarks, is so high that it needs more time to discuss the matter with potential bidders.
The retailer states that more than 115 companies, including “major retailers,” want to buy its brands and that it has had “substantive communication with over 85 such parties.”
An auction date to sell its US intellectual property, which will also allow potential bidders to acquire the company’s international property assets, was pushed back last week to 6th August. The auction will therefore include the Asia division, for which Toys R Us has received several bids of more than $1b, according to the company’s lawyer.
One potential bidder is former Toys R Us Chief Executive Officer Gerald Storch, who headed the company from 2006 to 2013 and is working with several investor groups, The Post previously reported.