For the second time in less than two years, Toys ‘R’ Us is under new ownership.
According to a press release, WHP Global, a brand management company that purchases struggling brands and tries to revive them, bought the toy store from Tru Kids.
"Our investment in Toys ‘R’ Us reflects our belief and passion for the brand. We are thrilled to be taking the reins of the world's leading toy brand at a time when the category is up 16%, and consumer demand for toys is at an all-time high," Yehuda Shmidman, WHP Chairman and CEO, said. "This is a natural fit for WHP, as we can leverage our global network and digital platform to help grow Toys ‘R’ Us and Babies 'R' Us around the world."
According to CNBC, less than two years ago, Tru Kids bought Toys 'R' Us and tried unsuccessfully to bring the iconic store back, which opened two locations in Texas and New Jersey, but they both closed permanently in January.
WHP says the brand generates over $2 billion in global sales annually.