Toys R Us is poised to make a comeback under a new name and with a much smaller footprint.
Almost exactly a year after the remaining Toys R Us stores closed in late June 2018, Bloomberg is reporting that a new e-commerce site and half dozen stores could open later ahead of holiday shopping.
Richard Barry, who previously served as global chief merchandising officer for Toys R Us and is president and CEO of the new Tru Kids Inc., has been pitching his vision to toymakers to revive the chain, Bloomberg reported citing people familiar with the plans.
The new vision includes smaller stores about 10,000 square feet that will reportedly offer more experiences, like play areas. Many of the Toys R Us stores that closed last year were around 30,000 square feet.
In February, the new company announced in a statement that it started doing business on Jan. 20 as Tru Kids Brands and was the "proud parent of Toys"R"Us, Babies"R"Us, Geoffrey and more than 20 established consumer toy and baby brands."
On June 5, the new company announced it was returning to Australia and making its debut in New Zealand.
Tru Kids will be based in New Jersey, and its workforce includes a team of former Toys R Us employees.
"We have a once-in-a-lifetime opportunity to write the next chapter of Toys R Us by launching a newly imagined omni-channel retail experience for our beloved brands here in the U.S.," Barry said in February's statement announcing the plans.
A Tru Kids spokeswoman told Bloomberg that it wasn’t ready to publicly share details on its U.S. strategy.
by Kelly Tyko