(CNN) – A toy company CEO placed a $675 million bid for 200 Toys R Us stores, but sources say the offer was rejected because it was too low.
Isaac Larian, who runs the company MGA Entertainment which is behind Bratz dolls and Little Tikes toys, called reports of the company rejecting his offer “disappointing.”
Larian’s vision was to turn Toys R Us stores into an entertainment mecca for families that he hoped would become a “mini-Disneyland in a neighborhood.”
The CEO had also offered $215 million more for 80 locations in Canada.
Sources with knowledge of the bid said Larian’s offer to Toys R Us was too low.
Larian had hoped a successful bid would save over 130,000 jobs in the United States.
The CEO previously tried to raise $1 billion to save the stores through a crowdfunding campaign, but the effort only reached $200 million of its goal.
A spokesperson for Larian says the crowdfunding effort was designed only to raise awareness of Toys R Us’ troubles. The CEO planned to use his own money along with financing from banks and additional investors to make the final purchase.
Those who contributed to the campaign will get their money back, according to the spokesperson.
Toys R Us is reportedly still considering other offers, but it’s unclear if those bids would keep the U.S. stores open.
The toy chain filed for bankruptcy last fall and announced in March it would close or sell all of its 735 U.S. locations.
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