California toy mogul Isaac Larian has abandoned his efforts to purchase a number of Toys "R" Us (Wayne, N.J.) and rescue them from bankruptcy and closure.
Larian was hoping to keep the stores open with a $675-million bid for 274 of the company’s U.S. stores. However, the company’s debt holders did not accept the offer and the parties were unable to reach an agreement.
Toys "R" Us filed for bankruptcy last year in September and began liquidating all of its stores with intentions to close them in March. The company plans to auction off its U.S. intellectual property next month, according to Los Angeles Times.
"For me, it was a personal thing,” Larian explained. “I just wanted to make sure we saved this legacy for our children and grandchildren, and for the whole toy business."