Toys 'R' Us Being Revived, Bankruptcy Auction Canceled

After a highly publicized closing, Toys 'R' Us may be revived as the company's bankruptcy auction has reportedly been canceled.

According to ComicBook.com, the business was all set to sell off its "brand name and intellectual property," but suddenly put a halt to those plans by filing paperwork stating that the controlling lenders have decided to reorganize and revive the company instead.

In addition to rebooting the main store, the outlet cites plans for the investors to also revive the Babies ‘R’ Us brand as well.

CNN adds that the business is exploring "a new, operating Toys 'R' Us and Babies 'R' Us branding company." The prospective plans would "create new, domestic, retail operating businesses under the Toys "R" Us and Babies "R" Us names, as well as expand its international presence and further develop its private brands business."

Toys 'R' Us originally announced their plans to close down earlier this year, with CEO Dave Brandon releasing a statement expressing disappointment at the unfortunate development.

"There are many people and organizations who have remained in our corner every step along the way," he said. "I want to thank our extraordinary team members who helped build Toys “R” Us into a global brand."

"I also want to express my appreciation for my colleagues on our board who have continued to provide support to sustain the brand and our operations throughout the restructuring process," Brandon continued.

"I would also like to thank our vendors who we owe a great deal of gratitude to for their decades of support," he then added. "This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years."

In a message posted to their Twitter page in March — ahead of their closing — Toys 'R' Us expressed gratitude to their "loyal customers" for all the support they received.

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"We’ve seen an amazing outpouring of love and support in recent days and we truly appreciate it," the company stated at the time. "Our stores are open for business, ready to bring joy to children wherever we can, and to help new and expecting parents navigate raising a family."

At this point, no time line has been presented for when customers can expect new Toys 'R' Us stores to open.