WHP Global, a New York-based brand management company, announced Monday it has bought a controlling interest in Toys “R” Us’ parent company and will now manage Tru Kids’ business and growth. Terms of the deal weren’t disclosed.
Plans for the brand weren’t immediately revealed. However, Shmidman said the sale was a “natural fit” for WHP because it can use its “global network and digital platform to help grow Toys “R” Us and Babies “R” Us around the world.”
The two stores were supposed to represent a reinvention for the brand because they were smaller, sold fewer toys and the layout had interactive and playground-like environments for brands. Ultimately, the plan was to open around 10 of them in malls.
Toys “R” Us’ website remains operational and more than 700 stores outside of the United States are still open. WHP claims that the brand still generates more than $2 billion in global retail sales.
Retailers Anne Klein and Joseph Abboud are already part of WHP’s portfolio, which it says rakes in more than $3 billion in annual sales.