Pan Pacific International Holdings (PPIH) formally announced that it would acquire the Japanese business of major toy retailer Toys“R”Us and take over 158 stores in Japan. The transfer is dated 30 October, and the company also announced plans to retain employees and temporarily keep the trade name.
PPIH formally announced its acquisition of the Toys“R”Us Japan business. The transaction covers all 158 domestic stores operated by Toys“R”Us, with operating rights and employee employment being transferred to PPIH as the domestic business. The total acquisition price is reportedly likely to be in the ¥10 billion range.
Toys“R”Us Japan, which filed for application of the Civil Rehabilitation Act for its Japanese business, made the filing as of 1 October. PPIH was selected as the sponsor. Total liabilities are reportedly approximately ¥13.2 billion.
PPIH said it plans to retain employees and acquire and operate all Toys“R”Us and Babies“R”Us stores in Japan. It plans to retain the Toys“R”Us trade name for the time being, and its toy-related sales, including Toys“R”Us, are expected to reach approximately ¥150 billion.
Going forward, PPIH plans to renovate existing stores, expand in-store locations using 110 large MEGA Don Quijote stores as candidates, establish limited-time experience spaces and roll out Christmas promotions for the year-end shopping season.