Toys “R” Us is planning to emerge from bankruptcy as Tru Kids Brands and will be led by former Toys “R” Us executive Richard Barry. Barry will serve as President & CEO along with Matthew Finigan as CFO, James Young as EVP of Global License Management & General Counsel, and Jean-Daniel Gatignol as SVP of Global Sourcing & Brands.
The company also appointed brand management veteran Yehuda Shmidman as Vice Chairman to advise on global strategy and execution. Shmidman is the CEO of Wave Hill Partners, and the former CEO of Sequential Brands Group.
“Despite unprecedented efforts to capture the U.S. market share this past holiday season, there is still a significant gap and huge consumer demand for the trusted experience that Toys “R” Us and Babies “R” Us delivers,” said Barry.
Barry told The Associated Press that the company was exploring various options in the United States, including free-standing stores as well as shops within other stores. He said e-commerce would play a central role.
Global partners include Al Futtaim Sons Co. LLC (UAE), Green Swan (Iberia), Keshet-Hypertoy Ltd (Israel), Lotte Shopping Co. Ltd (S. Korea), Marketing Services and Commercial Projects Operation Company (Saudi Arabia), Tablez & Toyz Private Ltd. (India), and Toys (Labuan) Holding Ltd. in partnership with Fung Retailing Ltd. (Asia). The Company will work closely with each to expand the Toys “R” Us and Babies “R” Us businesses in their respective markets as well as actively seek opportunities to bring the brands to new and emerging territories.
Tru Kids’ global partners are set to open 70 stores this year in Asia, India and Europe and the development of new e-commerce platforms in several key markets. Toys “R” Us continues to operate 800 stores outside of the United States.
Tru Kids will be headquartered in Parsippany, N.J. with a team of returning Toys “R” Us employees.
Tru Kids is the parent of brands, including Toys “R” Us, Babies “R” Us, Geoffrey the Giraffe, Journey Girls, Fastlane, True Heroes, You & Me, Imaginarium, and Just Like Home.