- Isaac Larian, the CEO of the toy company MGA Entertainment, bid $890 million for more than 300
- A source familiar with the matter told
- Larian said in a statement that he had not yet been notified of the rejection.
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Billionaire toy exec's $890 million bid to save Toys R Us has reportedly been rejected
Isaac Larian, the CEO of toy company MGA Entertainment, bid $890 million for more than 300 Toys R Us stores in the US and Canada.
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Toys R Us fans just got some more disappointing news.
On Friday, it seemed that billionaire businessman Isaac Larian might be coming to the company's rescue after he put forward a bid of $890 million of his own money to save more than 300 Toys R Us stores in the US and Canada.
The bid has been rejected, The Wall Street Journal reported, citing a source familiar with the matter.
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According to the Wall Street Journal's source, Larian's offer did not "meet the qualified bid threshold under the court-approved auction procedures."
Toys R Us did not immediately respond to Business Insider's request for comment.
GoFundMe page to try to save Toys R Us at the end of March. He pledged $200 million towards rescuing the company and asked fans to make donations. So far, $62,000 more has been raised.
Associated Press; therefore, his interest in saving the company is not entirely selfless.
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