VAN NUYS, Calif., — Isaac Larian, CEO of MGA Entertainment, Inc. (MGAE), one of the world’s leading privately held toy and entertainment companies and creator of family favorite brands including Little Tikes, announced a GoFundMe campaign aimed at saving the iconic toy retailer Toys”R”Us.
Larian and various investor associates have already stepped up to the plate with contributions over $200 million toward a $1 billion goal, which would be used in the formulation of a bid to acquire all or some Toys”R”Us assets through the bankruptcy process. $1 billion may seem like a staggering goal, but it would take a very large sum to create a successful bid for the acquisition of such a large entity. If the $1 billion goal is reached, it would make this campaign the highest-funded crowdfunding to date. In addition to this initial contribution, Larian has pledged to commit 10% of all proceeds from Little Tikes purchases made between now and the end of this campaign. “If there is no Toys”R”Us, I don’t think there is a toy business,” said Larian.
Toys”R”Us is an American icon with global relevance and Larian is devoted to saving the retail chain. For over 65 years, Toys”R”Us has played a vital role in the growth, education and creative development of millions of children, giving Larian his first break when he entered the business more than 30 years ago. The consummate entrepreneur, Larian won the Ernst & Young Entrepreneur of the Year award in 2007. The endeavor to #SaveToysRUs is both professional and personal for Larian. As a new grandfather, he appreciates the significance of how deeply Toys”R”Us is embedded in American culture. Per Larian, “There is nothing quite like the joy and awe of a child walking through the aisles of a Toys”R”Us store. I want to preserve that innocent experience for future generations. We can’t sit back and just let it disappear. Everyone deserves to be a Toys”R”Us kid.”
The public is invited to be a part of this historic opportunity to #SaveToysRUs by donating to the GoFundMe campaign. The aim of this campaign is twofold, ensuring that generations to come can “always be a Toys”R”Us kid” and saving employee jobs that are at stake should the company cease operation. Larian plans to develop a special program to benefit Toys”R”Us employees who participate in this campaign. Donations are currently being accepted via GoFundMe at www.savetoysrus.com. The deadline for reaching the $1 billion goal is Memorial Day, May 28, 2018. This is not a charitable donation, and certain donor disclosures apply.
(Source: Isaac Larian)