After filing for bankruptcy last year and closing all of its stores earlier this summer, Toys “R” Us is poised for a comeback, as owners of the company's remaining assets are planning to restart the business, reports The Wall Street Journal.
The company's Babies "R" Us brand is reportedly going to be revived as well, which was disclosed in a court filing on Monday. Now, the goal is to "create new, domestic, retail operating businesses," as well as to "expand its international presence and further develop its private brands business."
The company had planned to auction off the rights to its name, but the owners reversed their decision by canceling the auction, after speaking to other controlling parties, and decided that the brand was too valuable to give up. According to WSJ, "the absence of Toys ‘R’ Us has also left an $11 billion hole in the toy industry."
Additional details of how and when Toys “R” Us would be brought back to life were not disclosed, but for the full story, head on over to The Wall Street Journal.