New York-based WHP Global has acquired a controlling interest in Toys R Us’ parent company and plans to open stores across the United States.
4-years after the store declared bankruptcy and closed locations in the United States, WHP plans to open new stores in a “strategic expansion.”
“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,” said Chairman and CEO Yehuda Shmidman.
Toys R Us filed for bankruptcy in 2017 after struggling with a heavy load of debt caused by a buyout in 2005, including competition from Amazon, Target, and Walmart. Shmidman said the company aims to open stores before the holidays.
