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, is the parent company of Toys"R"Us and PRG Retail Group (PRG) have announced a long-term agreement where PRG has acquired the assets of the former
Iberia license through its subsidiaries in Spain and Portugal, securing the continuity of the toy brand and maintaining employment for approximately 800 people. With the transaction, PRG, a leader in the toy and children's products sector, present in the Iberian Peninsula since 1963 with the Prénatal brand, strengthens its presence in the two markets and continues its growth strategy in Europe.
PRG maintains high-value assets and a network with high development potential: 46 stores, 35 in Spain and 11 in Portugal, e-commerce platforms, logistics center and the headquarters in Madrid and Lisbon.
Net sales of the stores in the acquisition perimeter are expected to reach €100 million already in 2022, generated through approximately 2.5 million transactions,
"Toys"R"Us has a vibrant global business with more than 900 branded stores and e-commerce businesses in more than 25 countries,” says Yehuda Shmidman, chairman and chief executive officer, WHP Global and Toys“R”Us. “We look forward to working with the experienced team at PRG as we continue to execute on our overall strategy to expand the Toys"R"Us brand in new and existing high-growth markets throughout the world."
"We are excited about this new great adventure and ready to bring to Spain and Portugal the model that we are successfully applying in Italy and with which we intend to grow to become the first hub dedicated to the family in Europe, able to propose to the customer a complete specialized offer of toys, clothing and childcare products in highly qualified, multi-format and multi-banner stores," says Amedeo Giustini, chief executive officer, PRG. "To do so, we will share the experience acquired by PRG in building and managing the customer journey on an integrated system of physical and digital contact points, we will invest to renew current technological systems and optimize processes, starting with those related to the purchase of goods. Our goal is to become, also in Spain and Portugal, the first ally of mothers and growing families, from pregnancy through all stages of children's lives. Paloma Perez, chief executive officer, Toys"R"Us Iberia, will remain at the helm, ensuring continuity and knowledge of the Iberian market, with the aim of building together a path of growth and development."
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