April 6, 2018
The toy retailer will own approximately 85 percent of the newly combined businesses.
Toys “R” Us will combine its Japan business with its business in Greater China and Southeast Asia, a joint venture between TRU and Fung Retailing.
Under the terms of the agreement, TRU Japan, which operates 160 retail locations, will become part of TRU Asia–which operates 223 stores across China, Brunei, Hong Kong, Malaysia, Singapore, Taiwan and Thailand. The group has also licensed an additional 34 stores in the Philippines and Macau.
Furthermore, TRU will own approximately 85 percent of the combined business while Fung Retailing will own approximately 15 percent.
Andre Javes, president of TRU Asia Pacific, will also continue to oversee all operations of the combined businesses, as well as TRU Australia.
"This expansion marks another milestone for Toys "R" Us as a global company," says Dave Brandon, chairman and chief executive officer, TRU. "The businesses are highly complementary with regards to markets, products and technology, and we believe that the strategic decision to consolidate them will allow us to streamline operations and accelerate innovation to continue to deliver a world-class experience for our customers in Asia. We look forward to working more closely with Fung Retailing, our trusted and valued business partner, as we further our mission to be the best toy and baby products retail company for the world."
The newly combined company will be headquartered in Hong Kong, with a regional office in Kawasaki, Japan.
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