Strategy A billionaire just bid $890 million to save Toys R Us

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The billionaire toy tycoon Isaac Larian has made a last-minute effort to save Toys R Us from going out of business.

Issac Larian play

Issac Larian

(AP)
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  • Isaac Larian, the CEO of the toy company MGA Entertainment, on Friday bid $890 million for more than 300 Toys R Us stores in the US and Canada.
  • "OK. I followed through on my part," Larian wrote on LinkedIn late Thursday. "Now it's up to them to accept. Time is of the essence."

The billionaire toy tycoon Isaac Larian has made a last-minute effort to save Toys R Us from going out of business.

Larian, the CEO of the toy company MGA Entertainment, on Friday bid $890 million for more than 300 Toys R Us stores in the US and Canada.

"OK. I followed through on my part," Larian wrote on LinkedIn late Thursday. "Now it's up to them to accept. Time is of the essence."

In a separate post on Twitter, Larian said he wanted to save 130,000 jobs, and he tagged President Donald Trump's Twitter handle.

"Not much time is left," Larian wrote.

Larian previously started a campaign on the crowdfunding website GoFundMe to try to save Toys R Us, but the campaign raised only about $59,000 in three weeks.

If Larian's bid is accepted, the funds for the stores will come from his own money as well as from additional investors and bank financing.

Toys R Us recently began liquidating its more than 700 stores in the US after efforts to restructure the business through bankruptcy failed.