Toys R Us is near its end.
Larian's vision for Toys "R" Us includes turning its stores into entertainment hotspots.
MGA Entertainment, which also produces Little Tikes and is based in Van Nuys, California, has almost 1 in every 5 sales of its products rung up at a Toys R Us store.
Isaac Larian said Friday that he's entered a formal offer of $675 million to buy numerous Toys "R" Us stores in the United States, along with an additional $215 million for Toys "R" Us stores in Canada.More news: Britney Spears given award by gay advocates for promoting equality
Isaac Larian, the billionaire who the company behind Little Tikes, Bratz and L.O.L. Surprise! toys, says the toy industry will "truly suffer" if Toys R Us goes under.
The effort has raised more than $200 million as of press time.
Toys "R" Us did not comment on the proposed purchase.
Saddled with debt and facing competition from firms such as Amazon, Toys "R" Us filed for bankruptcy protection in the United States last fall.More news: Citigroup Earnings Results For Q1 2018 Boost Stock
A "Going Out Of Business" sign hangs over the Toys R Us store logo in Omaha, Neb., Monday, April 9, 2018.
In March, the company announced it would close or sell all of its 735 us stores. I wanted to stay a Toys "R" Us kid.
"We will make Toys "R" Us an experience in and of itself; a fun and engaging place where families can spend an entire day", he said in his statement on Friday. He will finance the bids using his own money, supplemented by bank and investor financing, the Times adds.
"Imagine a mini-Disneyland in each neighborhood", he said.More news: BBC Breakfast presenter accidentally falls into swimming pool live on TV