If you recall my article from June 2019, on June 29th, 2018 the Retailer, Toys R Us went out of business, and with it, their employees were out of work and left them with no severance pay and no insurance. Thanks to a Class Action Lawsuit filed by former Toys R Us Employee, Ann Marie Reinhart Smith, The Judge presiding over the case, Keith L. Phillips of the District of Eastern Virginia approved and the company would agree to a $2 million settlement.
It has been a year and a half since that settlement and now according to PR Newswire, the Retailer has plans on opening another round of stores in the United States, ahead of the 2021 Holiday Season. Who is responsible for this you might ask, it is the Brand Acquisition and Management Firm WHP Global, located in New York. The company has become the significant shareholder and controlling interest for the parent company TruKids Inc. The company to the iconic Toys” R” Us® (TRU), Babies ” R ” Us®, and of course Geoffrey® the Giraffe Brands, and more to around 20 established related consumer and baby toy brands.
Toys”R” Us and Babies”R” Us generate over $2 billion in global retail sales annually through nearly 900 branded stores and eCommerce sites in over 25 countries across North America, Europe, Asia, Africa, Australia, and the Middle East. In 2018 the previous Toys “R” Us Company, Geoffrey LLC transferred all assets to existing secured lenders and launched a new toy wholesale venture named Geoffrey’s Toy Box, keeping the TOYS R US brand’s “Geoffrey” mascot, as well as the corporate brand names and intellectual properties of the company, according to Anime News Network’s Rafael Antonio Pineda.
Yehuda Shmidman, the CEO and Chairman at WHP Global commented on the regard of the Strategic Expansion.
“Our investment in Toys”R” Us reflects our belief and passion for the brand. We are thrilled to be taking the reins of the world’s leading toy brand at a time when the category is up 16% and consumer demand for toys is at an all-time high. This is a natural fit for WHP, as we can leverage our global network and digital platform to help grow Toys”R” Us and Babies”R” Us around the world.“Yehuda Shmidman, the CEO and Chairman at WHP Global
The company plans to open flagships, pop-ups, airport shops, or mini-stores within other retailers, across North America ahead of 2021’s holiday season. For more on this development, check out Anime News Network and PR Newswire.
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