Toys “R” Us Canada’s owner, Putman Investments, is attempting to keep the retailer operating as its licence approaches expiry in January, according to court documents cited by multiple outlets. The filings indicate the owner is exploring two paths: extending the licence to continue running the chain, or rebranding the business if the licence cannot be extended. The retailer has been operating under creditor protection since February, and the owner is also pursuing the acquisition of assets in order to maintain the business or transition it into a rebranded form.
In related court proceedings, an Ontario court approves the company’s plan to sell parts of the business to three buyers. One of the buyers is identified in reporting as the current owner, which aligns with the documents describing the owner’s goal to take control of assets needed to continue operations in some form. The documents described a letter filed by a lawyer representing a numbered company that owns the retailer, outlining the strategy to either extend the licence or rebrand. Overall, the reporting focuses on ongoing efforts by Putman Investments to preserve the retailer amid the restructuring and the court-supervised sale process.
