Toys R Us could be returning to the market.
Business Insider reported the company canceled the auction for the rights and brand. The auction was to take place selling all items that were not liquidated due to bankruptcy.
The new plan is to consider creating “a new, operating Toys R Us and Babies R Us branding company that maintains existing global license agreements and can invest in and create new, domestic, retail operating businesses,” according to the court documents, says Business Insider.
Controlling interest in the company came to the decision to cancel the auction after receiving bids for the retailer’s intellectual property.
Toys R Us announced closures of all of its stores which included Babies R Us.