Ex-Toys R Us Leaders Working On A Comeback For Business: Report

WAYNE, NJ — Former Toys R Us executives have launched an effort to revive the bankrupt toy chain, according to a report by the New York Post.

The small group of ex-Toys R Us executives have been working on the relaunch at the company's Wayne headquarters, according to the report. Local tax records show that Toys R Us still owns the 107-acre headquarters on Geoffrey Way.

They're part of a new firm called Tru Kids Inc. that was launched on Sunday, according to the Post's report.

A Tru Kids Inc. spokesperson could not be reached for comment.

See related: Everything Must Go: NJ Toys R Us, Babies R Us Closing Sale On Now

The once-dominant retailer shuttered all of its 735 United States stores last year after filing for Chapter 11 bankruptcy protection in March 2018.

Toys R Us launched a new line of kiosks at Kroger supermarkets late last year under the name Geoffrey's Toy Box. That came after it created a new subsidiary, Geoffrey LLC. Tru Kids Inc., according to the New York Post.

The company posted a message on its Twitter page last fall to, "stay tuned here for news and information on the next chapter for Geoffrey and the iconic Toys R Us brands. #TRUBeContinued"

Toys R Us' 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.

A federal bankruptcy judge ruled in late 2017 that Toys R Us may pay 17 executives about $14 million in incentive bonuses if it hits a certain earnings amount. Attorneys representing the company argued that the bonuses would help executives focus on increasing sales during the past holiday season.

A $20 million financial assistance fund was created to help thousands of former Toys R Us employees who were laid off as part of the company's bankruptcy.

Ollie's Bargain Outlets brought a dozen former Toys R Us sites and is leasing another six, CNN reported in January.

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

Email: daniel.hubbard@gmail.com

Patch file photo of a former Toys R Us store