Smyths Toys buys Toys R Us
The Irish toy retailer acquires the German, Swiss and Austrian division of the company
Toys “R” Us and Smyths Toys Superstores today announced that they have entered into a definitive agreement under which Smyths Toys will acquire Toys “R” Us’ operations in Germany, Austria and Switzerland, creating the largest toy retailer in Europe.
Smyths Toys already successfully operates 110 toy stores and online shops in Ireland and Great Britain and will now add a further 90 stores and on-line operations in another three European countries. Subject to the final approval of the responsible court as well as other regulatory and contractual obligations, Smyths will acquire and rebrand all businesses branded Toys “R” Us in Germany, Austria and Switzerland, as well as take on all employees and management in these three countries, including the head office in Cologne.
Tony Smyth, on behalf of Smyths Toys said: ‘We started the business more than thirty years ago and are very grateful to our customers, our employees and our suppliers for the support we have received in that time. We are convinced about the future of multi-channel specialist toy retail and are confident that we can successfully introduce and grow our brand in Continental Europe. The Toys “R” Us business is profitable, has a strong leadership team and already has many loyal customers. It provides a great starting point for our expansion.”
The Managing Director of Toys “R” Us Central Europe, Detlef Mutterer said: “After an extensive sales process, my colleagues and I are pleased that Smyths Toys has won the bidding process for our business. Smyths Toys is a proven leader in the retail industry. They have achieved strong growth in recent years and will complement our business in an ideal way. We look forward to working with our new colleagues, responding to customers and growing the business further. We already have many suppliers in common and we see this as good news for the supplier community and our other business partners.”