There may be a second act for Toys R Us, the retail wonderland for children that turned out the lights at hundreds of stores for what was thought to be the final time over the summer.
After joining the parade of retailers that never recovered from the recession and radical changes in the way Americans shop for toys and everything else, a group of investors is planning a comeback for Geoffrey the giraffe and his crew.
The last time we saw Geoffrey the Giraffe he had packed his bags and made a cameo at a wrestling event.
The group, made up of secured lenders, said in a bankruptcy court filing Tuesday that it's scrapping an auction for Toys R Us assets despite receiving a number of qualified bids.
The investors said they'll work with potential partners to develop new ideas for stores in the U.S. and other countries "that could bring back these iconic brands in a new and re-imagined way."
The seeming end of Toys R Us rippled through the toy industry and beyond. When the company closed the doors at some 800 stores, more than 30,000 people lost their jobs. Less than a month later, Mattel said it would cut more than 2,200 jobs partly because of lost sales to Toys R Us.