New York City — WHP Global has acquired a controlling interest in Tru Kids Inc. (TRU), parent company to Toys ‘R’ Us, Babies ‘R’ Us, Geoffrey the Giraffe brands and more than 20 related consumer toy and baby brands.
Tru Kids Inc. bought the Toys ‘R’ Us brand and its intellectual property in September 2017 when the company filed for Chapter 11 bankruptcy, according to reports by CNBC. Tru Kids has implemented a number of strategies since in an attempt to stir up momentum, including opening two pop-up locations in the U.S., but those closed earlier this year due to poor mall traffic as a result of the COVID-19 pandemic, according to CNBC.
Moving forward, New York City-based WHP will manage the global TRU business and direct its strategic expansion. Yehuda Shmidman, chairman and chief executive officer of WHP, announced that the company plans to open a number of Toys ‘R’ Us stores prior to the holiday season, according to CNBC. These stores could come in a variety of formats including flagship locations, pop-ups, airport stores or mini-stores inside other retailer’s shops. The company has not announced a number for how many of these locations are planned in the U.S.
Toys ‘R’ Us and Babies ‘R’ Us generate over $2 billion in global sales annually through 900 branded stores and e-commerce.