Retailer selling the whole store
Toys R Us says it will be sold to a group including two private equity firms and a real estate developer. The announcement comes seven months since the nation's second-largest toy seller revealed it wanted to separate the struggling toy business from the more profitable Babies R Us division. The deal is valued at six-point-six billion dollars in cash as well as assumed debt. The buyers are affiliates of Kohlberg Kravis Roberts, Bain Capital Partners and Vornado Realty Trust. The toy business has been losing market share for years to Wal-Mart and other discounters such as Target. Toys R Us has 681 toy stores in the US and 601 overseas. The 218 Babies R Us stores have been an increasing factor in profitability. Each of the investors would own equal stakes in the company upon completion of the transaction.
The purchase requires approval of regulators and shareholders of Toys R Us, expected by July.
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