03-17-2005, 10:08 AM
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 | CEO | | Join Date: May 2005
Posts: 1,309
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| Toys 'R' Us to be bought by KKR, Bain, Vornado for $6.6 bln
Quote:
Shares of Toys ``R'' Us Inc., the second-largest U.S. toy seller, rose in Europe after the New York Times reported Kohlberg Kravis Roberts & Co., Bain Capital LLC and Vornado Realty Trust agreed to buy the company for $5.7 billion.
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The roots of Toys ``R'' Us, which has about 1,500 stores, date back to 1948, when 25-year-old Charles Lazarus opened a baby furniture store and expanded it into a toy supermarket 1957. The company adopted the name Toys ``R'' Us and went public in 1978.
Sales and profit at the company's U.S. toy stores have dropped since at least 2001. Comparable sales in 2003 declined 3.6 percent while operating profit fell by more than 50 percent to $119 million, according to a regulatory filing. Eyler, 57, who joined the toy retailer in January 2000, has cut about 11,000 jobs, or 14 percent of the workforce, to stem the decline.
| Source
It would be interesting to see how Toys 'R' Us performs under the new owners! |
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