Some members of the toy industry are not losing hope for Toys “R” Us.
Isaac Larian, CEO of MGA Entertainment Inc. (MGAE), started a GoFundMe campaign aimed at saving the toy retailer.
Larian and various investor associates have contributed more than $200 million toward a $1 billion goal, which would be used in the formulation of a bid to acquire all or some Toys “R” Us assets through the bankruptcy process.
If the $1 billion goal is reached, it would be the highest-funded crowdfunding campaign to date. In addition to this initial contribution, Larian has pledged to commit 10 percent of all proceeds from Little Tikes purchases made between now and the end of this campaign.
“If there is no Toys “R” Us, I don’t think there is a toy business,” Larian said.
MGA Entertainment is not financially involved in this endeavor. Isaac Larian, the CEO of MGA Entertainment, and various investor associates have pledged over $200 million toward a $1 billion goal.
Larian is devoted to saving the retail chain, according to a press release that went out this morning. Toys “R” Us gave Larian his first break when he entered the business more than 30 years ago, and the endeavor to #SaveToysRUs is both professional and personal for Larian.
“There is nothing quite like the joy and awe of a child walking through the aisles of a Toys “R” Us store,” Larian said. “I want to preserve that innocent experience for future generations. We can’t sit back and just let it disappear. Everyone deserves to be a Toys”R”Us kid.”
The public is invited to donate to the GoFundMe campaign to #SaveToysRUs. The goal of the campaign is to give future generations the opportunity to “always be a Toys”R”Us kid” and save employee jobs that are at stake, should the company cease operation.
Larian also plans to develop a special program to benefit Toys “R” Us employees who participate in this campaign. Donations are currently being accepted via GoFundMe at www.savetoysrus.com. The deadline for reaching the $1 billion goal is Memorial Day, May 28, 2018. This is not a charitable donation, and certain donor disclosures apply.
Contribution pledges range from start at $5 and go up to $10 million, and rewards include #SaveToysRUs bumper stickers, “I’ll ALWAYS be a Toys “R” Us Kids” t-shirts, special editions of popular MGAE toys such as Num Noms and L.O.L. Surprise!, travel and accommodation, block parties, a store plaque, a store naming, and more.
