Toys “R” Us Canada has received court permission to put itself up for sale.
Judge Jane Dietrich has approved a process that will see the struggling retailer solicit investments in the company or choose one or more buyers for the business or its assets by June.
The company did not outline in court documents what specifically it has up for grabs but will have at most 18 stores by the time any sales wrap and a government database showed it owns 162 trademarks.
It’s possible that a buyer will scoop up the entire business or multiple purchasers will buy pieces of it.
Bids will be collected in May, with buyers chosen in June, when the company expects to seek court permission for any sales.
Toys “R” Us Canada resorted to the sales process after it filed for creditor protection in February to cope with mounting debt and a wave of lawsuits from suppliers and landlords owed money by the chain.