‘Multiple bids’ for Toys R Us Asia
Bankrupt Toys R Us Inc has confirmed it has “multiple bids” of more than US$1 billion for its 85 per cent share of the Toys R Us Asia joint venture with Fung Group.
The comment came from its lawyer Joshua Sussberg and was reported by Reuters. It was not immediately clear if one of those bidders was the rumoured consortium involving Fung Group and private equity investors.
Toys R Us Asia has repeatedly stressed its business was robust and profitable during the collapse of the US and then UK operations.
Under bankruptcy protection, Toys R Us Inc is trying to sell subsidiaries bearing its name in Canada and Europe, as well as the Toys R Us Asia business. Stock in the US and UK is being liquidated and stores progressively closed as the operations are wound up in those markets.
Sussberg, speaking at a US Bankruptcy Court hearing in Richmond, Virginia, said the US liquidation sales and real estate auctions were going better than expected, creating additional money to repay creditors.