More than two years after filing for bankruptcy, Toys 'R' Us has managed to make a comeback with the support of a competitor, just in time for the holiday season.
The iconic toy brand has relaunched its website, shortly after US retail chain Target announced a partnership with the defunct brand's parent company Tru Kids Brands, reported CNN.
Under the agreement, shoppers on the Toys 'R' Us website complete their purchase on Target.com, while it begins the process of opening its retail stores across the United States under its plan to revive the iconic brand across the country.
"By applying our capabilities in a new way with Toys 'R' Us, we can serve even more toy shoppers, drive new growth, and build on our toy leadership," Target executive Nikhil Nayar said in a statement. The retails didn't disclose the financial terms of the deal.
Tru Kids won the rights to the Toys 'R' Us brand in bankruptcy court in October 2018. Soon, it teamed up with US grocery chain Kroger to begin setting up 'Geoffrey's Toy Box' sections in 600 stores during the holidays, a reference to the Toys 'R' Us giraffe mascot.
"Our US strategy is to bring back the Toys 'R' Us brand in a modern way," Richard Barry, the CEO of Tru Kids said in a statement, adding that the company plans to open two new Toys 'R' Us stores this year in Texas and New Jersey before increasing the number of locations to 10 by the end of 2020.
The company says the stores will showcase new products, allow customers to test items before purchase and "create memorable experiences for kids and families.
Disclaimer: No Business Standard Journalist was involved in creation of this content
