April 13, 2018 / 2:06 PM / 6 months ago

Toys 'R' Us gets $890 million bid for U.S.-Canada stores from MGA Entertainment

April 13 (Reuters) - Toy company MGA Entertainment said on Friday it put in an $890 million bid for Toys ‘R’ Us stores in the U.S. and Canada.

Billionaire Isaac Larian, who heads MGA Entertainment, put in a bid of $675 million for stores in the United States and $215 million for stores in Canada, MGA said in a statement.

The funds to purchase the stores will come from Larian’s own coffers, additional investors and bank financing, the privately held toy and entertainment company said.

Toys ‘R’ Us, once the largest U.S. toy retailer, abandoned last month a plan to emerge from bankruptcy.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Bernard Orr

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