Some Toys “R” Us Stores Find Buyers

Toys "R" Us (Wayne, N.J.) announced that it has entered agreements to sell its stores located in Canada and in parts of Europe.

The company’s Canadian stores will be purchased by investment firm Fairfax Financial Holdings (Toronto) for about $234 million in a bankruptcy hearing. The company plans to keep those stores open while bringing them “into the modern era,” according to USA Today. Meanwhile, its stores in Germany, Switzerland and Austria are being bought by Irish toy retailer Smyths (Galway, Ireland) for $96.7 million. Those stores will be rebranded as Smyths stores.

In the United States, the company is preparing to auction off its name, websites and baby registry along with some of its other store properties. Isaac Larian already submitted a bid to buy U.S. stores, but it was rejected for being too low. He plans to come up with another offer in hopes of buying the chain and keeping stores open.