Smyths Toys to take over Toys R Us stores in Germany

By Abbey Westbury
April 21 2018 05:57 AM

CP1178478322 — FILE- This Jan. 24, 2018, file photo shows a person walking near the entrance to a Toys R Us store, in Wayne, N.J. Canada‚Äôs Fairfax Financial Holding has placed a bid of 00 million to buy Toys R Us‚Äôs Canadian operations in bankruptcy. According to court papers filed late Thursday, April 19, 2018, the bidder is taking on a role of a ‚Äústalking horse‚Äù in a court-approved auction set for Monday in New York. That means it could be outbid in the auction if other buyers come in with a higher offer. The bid from Fairfax surpassed the 15 million offer that Isaac Larian, the CEO of privately held toy company MGA Entertainment, made last week. (AP Photo/Julio Cortez, File)

BERLIN – Ireland-based Smyths Toys has reached a deal to take over more than 90 Toys R Us stores in Germany, Austria and Switzerland.

In March, Toys R Us said it would be liquidating its U.S. business. Its German branch said in a statement Saturday that Smyths Toys has signed an agreement to take over its activities in the three countries, with 93 stores and four online shops.

Smyths Toys, which according to the statement operates 110 stores and online shops in Ireland and Britain, said it is confident of establishing and expanding its brand in continental Europe.

The deal requires approval by a U.S. court and other authorities. It foresees Smyths Toys taking over Toys R Us’ regional employees and local headquarters in Cologne.

No financial details were given.

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