The same Toys “R” Us Inc. lenders that have been taking heat for their role in the decision to liquidate the company in March are now working on bringing the brand back to life, according to new court documents, Bloomberg News reported. In a bankruptcy court filing yesterday, the funds that now control Toys “R” Us said that they’d canceled a plan to auction off the company’s intellectual property. Instead they are seeking to reorganize the assets into a new company that will maintain the current license agreements and invest in new retail operating businesses. Maintaining the brands under a new independent U.S. business was the best option with respect to the recovery of the Toys “R” Us estate, as well as the benefit of other indirect and direct stakeholders, according to the filing. “The qualified bids were not reasonably likely to yield a superior alternative.” The court authorized the cancellation of the auction.
