Fairfax offers $300mn for Toys R Us Canada

By zaymalz malz

Toronto-based financial holding company Fairfax Financial has reportedly bid $300mn for the Canadian assets of Toys R Us, resulting in the bankrupt retailer ending the auction of its stores.

The Canadian Press revealed that the entertainment retailer would be cancelling the auction following the discovery of documents filed at a bankruptcy court where Toys R Us is now instead seeking regulatory approval to sell its 82 stores to Fairfax.

See also:

If successful, the Fairfax deal will end any uncertainty surrounding the future of the properties and the position of Toys R Us within Canada.

According to The Canadian Press, the court filings showed that no bidders other than Fairfax registered an offer solely for the company’s Canadian assets.

However, billionaire businessman Isaac Larian, the CEO of MGA Entertainment, bid $675mn for the company’s 274 US stores and may yet offer a renewed bid in an attempt to pursue his ambitions of reviving the company.

A hearing to approve the sale to Fairfax will be held next week at a Virginia Court.

Share

Featured Articles

Amelia DeLuca, CSO at Delta Air Lines on Female Leadership

Driving decarbonisation at Delta Air Lines, Chief Sustainability Officer Amelia DeLuca discusses the rise of the CSO and value of more women in leadership

Liz Elting – Driving Equality & Building Billion-$ Business

Founder and CEO Liz Elting Turned Her Passion into Purpose and Created a Billion-Dollar Business While Fighting for Workplace Equality – and Winning

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

Technology & AI

Mastercard: Supporting clients at a time of rapid evolution

Digital Strategy

Why Ceridian has boldly rebranded to Dayforce

Human Capital