$1bn bids for Toys R Us Asia
Strong interest in Asian operations with bids for 85% stake as lawyer reveals Central European business close to sale
The Asian arm of Toys R Us has attracted multiple bids of more than $1bn from prospective buyers.
A US bankruptcy court heard from Joshua Sussberg, Toys R Us' lawyer from Kirkland and Ellis, on Wednesday that several suitors were interested in purchasing 85 per cent of the firm's Asian unit. He said that divestment of the toy retailer's real estate and stock liquidation was proceeding "better than expected", adding to the pot of money for repaying creditors.
Despite its US and UK stores toppling into administration earlier this year, Toys R Us' Europe and Asia operations continue to trade and have been described as healthy. Sussberg also revealed the toy retailer was close to nailing down a deal to sell its Central Europe business – though no further details were forthcoming.