(CNN) – Toys”R”Us turned down a bid from a billionaire CEO hoping to save the company.
Isaac Larian, the toymaker behind Bratz dolls and Little Tikes, placed a $675 million bid for 200 of the remaining 735 Toys”R”Us locations in the U.S. and most of the 80 locations in Canada.
Larian called reports of the company rejecting his offer “disappointing.”
Toys “R” Us filed for bankruptcy last fall and announced in March it would close or sell all its U.S. stores.
Larian tried to raise $1 billion to save the stores through a crowdfunding campaign.
His vision was to turn Toys”R”Us into an entertainment mecca for families.
He hoped it would become a “mini-Disneyland in a neighborhood.”
Sources with knowledge of the bid said Larian’s offer to Toys”R”Us was too low.
Toys”R”Us is still considering other offers, but it’s unclear if those bids would keep the U.S. stores open.
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