Toys "R" Us rejects $890M bid for USA, Canada locations

On Friday, it seemed that billionaire businessman Isaac Larian might be coming to the company's rescue after he put forward a bid of $US890 million of his own money to save more than 300 Toys R Us stores in the U.S. and Canada. The formal bid of US$675 million, presents an offer to buy both the United States stores as well as US$215 million to buy the TRU stores in Canada.

Sources with knowledge of the matter say the bid was too low.

According to the Wall Street Journal's source, Larian's offer did not "meet the qualified bid threshold under the court-approved auction procedures".

Larian, CEO of toymaker MGA Entertainment, told CNNMoney on Tuesday that he wasn't aware of the rejection. Almost one in five of the sales made by the company is done at a Toys R Us store, according to the

According to USA Today, Mr Larian was quoted as saying "If this is true, it is very disappointing", Larian said.

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For those of us hoping that Toys R Us still had a shot at salvation, those hopes might have been squelched yesterday evening.

Toys R Us is reportedly still considering other offers, but it's unclear if those bids would keep the USA stores open.

In March, Larian started launched a GoFundMe page with a $1 billion goal aimed at saving the Wayne-based toy chain. Larian's vision for Toys "R" Us included turning its stores into entertainment hotspots.

The toy chain filed for bankruptcy last fall and announced in March it would close or sell all of its 735 USA locations.

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