Isaac Larian, the CEO of MGA Entertainment, said he entered a formal offer of $675 million to buy 274 Toys R Us stores in the United States and $215 million to acquire 82 stores in Canada, CNN reported.
Larian said he would use his own money for the bid, along with financing from banks and additional investors, according to a news release.
“The liquidation of Toys R Us is going to have a long-term effect on the toy business. The industry will truly suffer,” Larian said in the statement. "The prospect of bringing the Toys R Us experience to a new generation, my new grandson's generation, is enough to motivate me to Save (sic) Toys R Us.”
Toys R Us declined to comment, CNN reported.
Larian already tried to buy the chain of toy stores through a GoFundMe campaign. Toys R Us filed for bankruptcy last fall and said in March that it would shut down or sell its U.S. stores, CNN reported.
According to his statement, Larian said he wants to transform Toys R Us stores into a “mini-Disneyland.”
"We will make Toys R Us an experience in and of itself; a fun and engaging place where families can spend an entire day," Larian said. "Imagine a mini-Disneyland in each neighborhood."