The new outlet will be located in the Isla Azul shopping centre.
More details have emerged of the deal by Portuguese investment firm Green Swan to acquire Toys ‘R’ Us in Spain and Portugal. The deal means Toys R Us in Spain and Portugal will continue trading, initiating an ambitious development project in both countries, after the acquisition of 60% of its capital by Green Swan. The remaining 40% of the company is in the hands of a sector of the current management team, as new owners.
Toys R Us commented: “This process guarantees the continuity of Toys R Us’ business in Spain and Portugal, as well as the maintenance of all the stores and jobs.” In the coming weeks, new objectives will be outlined, but 51 stores in Spain and 10 in Portugal have been saved, in addition to the online business and a workforce of 1,300.
The deal has the support of the Toys R Us Group and its main shareholders, who are confident that the retailer’s continuity in Spain and Portugal is sustainable. The company stated: “The combination of the positive vision of the current team and the solid investment and ambition of the new owners, has resulted in an ambitious business plan.” As part of the growth plan, Toys R Us will open a new store in Madrid in September, in one of the largest shopping centres in the capital, Isla Azul.
Jean Charretteur, previously general director of Iberia and France, will take the helm of Toys R Us Iberia as MD. He commented: “Since March, the company’s objective has been to find an investor with the resources and the ambition to ensure, together with the implementation of the business plan, the future of Toys ‘R’ Us in Spain and in Portugal. An exciting new stage begins, and we are already working on the Christmas campaign. ” Jean also highlighted his “gratitude to all the workers and partners of the business, who have always shown their commitment, being a fundamental part of the success”.
CEO Paolo Sousa Marques said: “We will leave behind a previous management model and we are free of constraints to make our stores a magical world for children and a destination for parents. Toys R Us Iberia plans to make suppliers part of what goes on inside the stores, making activations, presentations and demonstrations of their products. We want the store to become a place of experience, where children can move between toys, touch and play with them, see demonstrations, meet their favourite characters and live adventures.”
