Reports indicate that the new owners have guaranteed employment and the continuation of the Toys R Us brand.
As reported by the Spanish news site El Español, Toys R Us has been saved from bankruptcy and will continue to operate in Spain and Portugal after a group of Portuguese investors agreed to purchase the business. While there are still loose ends to tie up, the judge overseeing proceedings has already given the go-ahead to the operation, which will be registered in the Mercantile Registry over the coming days.
The new owners of the toy chain are a group of investors linked to the Sonae Sierra group ; however, the Portuguese operator of shopping centres reportedly will not be involved in this acquisition.
Knowledgeable sources explain that the new owners have guaranteed the continuity of the Toys R Us brand. In addition, they have made a commitment to invest in the company, renovating stores that “had become obsolete”.
Toys R Us operates around 50 stores in Spain and employs 1,600 workers, all of whom have been guaranteed job continuity with the sale. However, departures and new hires cannot be ruled out as some stores may be relocated in the coming months.
The new project will be led by the current management team, with Jean Charretteur at the helm.