The debtors who own the rights to Toys "R" Us brand filed in federal bankruptcy court on Monday a motion to postpone a planned auction of the retailer's remaining assets.
The group said in the three-page document that it is developing a new operating plan to fill the void left by Toys "R" Us' departure from the retail space in the summer.
The retailer's debtors said it is developing a plan which "contemplates a new, operating Toys “R” Us and Babies “R” Us branding company that maintains existing global license agreements and can invest in and create new, domestic, retail operating businesses under the Toys “R” Us and Babies “R” Us names, as well as expand its international presence and further develop its private brands business."
In June, Toys "R" Us closed its remaining 800 locations, and ended sales on its website. By closing its retail locations, it also sold much of its real estate, and has discontinued contracts with manufacturers. In addition to no longer having its real estate portfolio, Toys "R" Us would reenter the same retail environment that led to its demise.
Despite the difficulties of relaunching Toys "R" Us, the retailer said it has received a number of bids for its intellectual property.
