Toy Association CEO Steve Pasierb on the comeback of the Toys “R” Us as “Tru Kids” and the outlook for Mattel. Click here to watch the video.
Shuttered toy retailer Toys R Us’ real estate subsidiary has emerged from bankruptcy proceedings with a new name and organizational structure, according to a press release on Monday.
The firm will now be called Hill Street Properties after previously operating as Toys R Us Property Co., or PropCo. Raider Hill Advisors, which advised the firm during bankruptcy proceedings last summer, will provide day-to-day oversight of the firm’s dealings and manage its remaining properties “including all leasing, redevelopment and disposition activities,” the release said.
“It will be business as usual for the 168 remaining properties across 40 states,” Raider Hill founder and CEO Danial Hurwitz said in a statement. “We look forward to working with Hill Street as we continue to market these assets without any interruption of the numerous transactions already under contract or those currently in negotiation.”
Toys R Us declared bankruptcy last summer after years of declining sales. The retail giant liquidated its remaining stores after failing to find a buyer for its U.S. business.
TRU Kids Brands plans to feed product to international Toys R Us stores, such as the ones in Canada and overseas. The idea is that eventually, smaller boutique style retail toy stores will open in the US, although they will not be the same Toys R Us stores that most Americans remember from anywhere from their childhood, to eight months ago when the stores closed their doors.
The video with TRU Kids CEO Steve Pasierb is interesting because in it, he and the newscaster interviewing him discuss Mattel’s successful holiday sales season, but then how the toy giant went onto Wall Street and complained that sales were terrible, plus their dropping stocks. It just goes to show what we’re always saying here at Toy Wizards; something about the way these toy companies are gauging and reporting their numbers and the industry as a whole is a little off.
Toy Wizards will continue to report on Toys R Us and TRU Kids Brands as information emerges and becomes available.
SOURCE: FOX Business