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Submission: On October 28 via api from SG — Scanned from DE
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To order presentation-ready copies of Toronto Star content for distribution to colleagues, clients or customers, or inquire about permissions/licensing, please go to: www.TorontoStarReprints.com Business TOYS ‘R’ US REPORTEDLY IN TALKS TO SELL ASIAN BUSINESS THE U.S. CHAIN IS IN TALKS TO OFF-LOAD ITS 85-PER-CENT STAKE IN THE ASIAN VENTURE TO HONG KONG’S BILLIONAIRE FUNG BROTHERS. By Vinicy Chan Matt TownsendBloomberg Jonathan Browning Tue., Feb. 27, 2018timer2 min. read * * * * * * JOIN THE CONVERSATION HONG KONG— Toys “R” Us Inc., the retailer that filed for bankruptcy in North America, is in talks to sell its growing Asian business to its local partner, people with knowledge of the matter said. The U.S. chain is in discussions to off-load its 85-per-cent stake in the Asian venture to Hong Kong’s billionaire Fung brothers, who own the remainder of the business, according to the people. A deal could give Toys “R” Us Asia a valuation of at least $1 billion (U.S.), one of the people said, asking not to be identified because the details are private. The tycoons’ private holding company, known as Fung Group, is considering finding partners to join it in the purchase, the person said. If a deal is reached, Fung Group may seek an initial public offering of Toys “R” Us Asia after one to two years, according to the person. Read more: Toys “R” Us sets sights on Asian market amid North American bankruptcy Toys “R” Us and some of its North American subsidiaries filed for bankruptcy in September, though the Asian unit wasn’t included in the proceedings. Growth in the Asia Pacific region helped offset weak sales in the U.S. and Europe in the quarter ended Oct. 28. The company last year combined its Japanese business with the broader Asia venture, which now operates more than 400 outlets throughout the region, its website shows. No final agreements have been reached, according to the people. Talks could fall apart, or another buyer could emerge, the people said. Representatives for Toys “R” Us, Bain Capital and Fung Group declined to comment. Representatives for the toy retailer’s owners KKR & Co. and Vornado Realty Trust didn’t immediately respond to requests for comment. Toys “R” Us Asia was set up in 1986. Fung Group is also the biggest shareholder in Li & Fung Ltd., a supplier to Wal-Mart Stores Inc. and other U.S. retailers. YOU MIGHT BE INTERESTED IN... Canada ONTARIO MOM WHO MAKES JEWELRY FROM SEMEN AND BREAST MILK GOES VIRAL ON TIKTOK 17 hrs ago Provincial Politics ‘FLUSTERED’ DOUG FORD UNDER FIRE AT QUEEN’S PARK, AS DOCUMENTS REVEAL QUESTIONS INQUIRY LAWYERS WANT HIM TO ANSWER 13 hrs ago KKR, Bain and Vornado acquired the Wayne, N.J.-based Toys “R” Us in a $7.5-billion leveraged buyout in 2005. 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