Billionaire Toy CEO Gives Up Bid For Toys R Us: Report

WAYNE, NJ — A billionaire toy mogul has ceased efforts to try and save Toys R Us, according to a report.

Isaac Larian, the CEO of MGA Entertainment, tried to save the once-dominant retailer, but said recently that he was unable to reach an agreement with Toys R Us' lenders, CNNMoney reported.

"I am most disheartened that the legacy of the retailer will be lost for future generations," Larian said in a statement provided to CNNMoney. He also said that he wasn't able to reach a deal with the company's lenders.

The Wayne-based Toys R Us did not accept Larian's bid to save 274 U.S.-based stores and the thousands of jobs they support. More than 270 U.S.-based stores and 7,000 to 10,000 jobs would have been saved had the deal went through.

Larian is the CEO of MGA Entertainment, the maker of Bratz dolls and Little Tykes toys. In March, he and other investors pledged $200 million and tried to raise another $800 million in crowdfunding in a bid to save the stores.

Larian previously told CNNMoney that if Toys R Us does not exist, "the whole toy industry will be hurt for a long time."

Toys R Us filed for Chapter 11 bankruptcy in September and announced March 15 it would close or sell all of its 735 U.S. stores.

The bankruptcy filing came amid slumping sales and mounting debt, which grew to about $5 billion. The once-popular chain faced increasing competition from Amazon, Walmart and Target. The chain was set to close about 180 of its stores, or about 20 percent.

Related: Toys R Us Files Chapter 11 Bankruptcy, Outlines Strategy
Related: Everything Must Go: NJ Toys R Us, Babies R Us Closing Sale On Now

With reporting by Kara Seymour and Eric Heyl, Patch Staff

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