Toys 'R' Us has a new owner who's planning to open stores

A person walks near the entrance to a Toys R Us store, in Wayne, N.J. in 2018. WHP Global, a New York-based brand management firm that already owns Anne Klein and Joseph Abboud, is taking a controlling stake in the parent company of the Toys R Us and Babies R Us brands. The deal, announced Monday, March 15, 2021, comes nearly two months after the closure of the only two Toys R Us stores that were part of a small U.S. comeback attempt by the iconic toy chain. (AP Photo/Julio Cortez, File)

by: Nexstar Media Wire

Posted: Mar 15, 2021 / 05:00 PM AST

Updated: Mar 15, 2021 / 04:09 PM AST

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NEW YORK (NEXSTAR) — A New York-based brand management firm that already owns Anne Klein and Joseph Abboud is taking a controlling stake in the parent company of the Toys “R” Us and Babies “R” Us brands.

WHP Global declined to release the terms of the the deal with Tru Kids, which owns the iconic brands.

Tru Kids was formed in January 2019 when it acquired Toys “R” Us’ intellectual property during its liquidation in 2018.

The deal comes nearly two months after the closure of the only two Toys “R” Us stores that opened in November 2019 as part of a small U.S. comeback attempt by the iconic toy chain.

Yehuda Shmidman, WHP’s chairman and chief executive officer, told CNBC in an interview that the company plans to open some Toys “R” Us stores ahead of this holiday season.

He told CNBC the stores could be flagships, pop-ups, airport locations or mini stores inside other retailers’ shops. WHP hasn’t yet set a number for how many locations it plans to open in the U.S.

“We’re coming off a year where toys are just on fire. … And for Toys “R” Us, the U.S. is really a blank canvas,” Shmidman said.

The Associated Press contributed to this report.