Toys 'R' Us lenders cancel auction, plan to revive brand
Reuters - Oct 3rd 2018, 11:43
The top lenders of Toys ‘R’ Us have decided to cancel the bankruptcy auction of its brand name and other intellectual property assets and instead plan to revive the Toys ‘R’ Us and Babies ‘R’ Us brand names, a court filing showed.
The bankrupt retailer’s debtors aim to open a new Toys ‘R’ Us and Babies ‘R’ Us branding company that maintains existing global license agreements and can invest and develop new retail shops.
The lenders also plan to expand its international presence and further develop its private brands business.
The bids were not superior to the plan to revive the brand as it did not offer “probable economic recovery” to creditors as well as benefits to stakeholders who would maintain the brands under the new independent US business, the court filing showed.
Toys “R” Us filed for Chapter 11 bankruptcy protection in September last year, hoping to restructure some $5 billion (R71bn) in debt, much of which stemmed from a $6.6bn leveraged buyout by private equity firms in 2005.
But the company changed course in March, saying it would sell its operations in Canada, Asia and Europe, and shut down in the United States.
Under the intellectual property auction, the company had planned to sell its assets, including the brand names of Toys ‘R’ Us, Babies ‘R’ Us, registry lists, website domains, Geoffrey the Giraffe and other assets.IOL
SA companies edging closer to full cloud capability
19/03/2019 - 09:07
While there is little doubt over the hype attached to cloud computing and services, the reality is that South Africa businesses are embracing cloud, especially solutions that are being used to strengthen contact centres and enhance customer engagement.
520+ million Smart Shopper cash-off discounts to be issued for customers
18/03/2019 - 11:49
Pick n Pay’s Smart Shopper will give customers double personalised discounts to help them save even more in the next few weeks.
Distell’s premium-wine offshoot aims for the top
15/03/2019 - 14:37
"I’m in the business of wine; I’m not in the wine business," says Kay Nash emphatically. That may seem like splitting hairs, but it’s a subtle distinction that’s helping the CEO of Libertas Vineyards & Estates, the new premium-wine offshoot of drinks giant Distell, to shake up the company’s high-end wine business.
Three quarters in a row of sales growth for H&M
15/03/2019 - 14:26
Sweden’s H&M, the world’s second-biggest fashion retailer, posted local-currency sales growth for its fiscal first quarter that matched analysts’ forecasts, on Friday, while net sales were slightly higher than expected.
‘Socially conscious’ manufacturer lands major contract with Shoprite
14/03/2019 - 09:53
Plastic manufacturing and recycling company, Verigreen, has been awarded a multi-million rand contract to supply 25 different products under the Shoprite Group’s Ritebrand and Housebrand labels.