(CNN) – The billionaire CEO behind Bratz dolls and Little Tikes toys has officially made a bid to save foundering toy giant Toys R US.
CEO Isaac Larian, who runs toy maker MGA Entertainment, plans to use financing, investors and his own money in an offer to buy more than 200 United States Toys R Us locations for $675 million.
He is also offering $215 million for more than 80 stores in Canada.
Larian’s vision for the toy chain includes turning the stores into entertainment hotspots. Commenting on his plans he said, “Imagine a mini-Disneyland in each neighborhood.”
Previously, the CEO tried to raise $1 billion to save the company through a crowdfunding campaign. The effort reached more than $200 million of its goal.
According to a spokesperson, Larian won’t tap any of those pledges for his actual offer, and those who pitched in will get their money back. The crowdfunding effort was designed only to raise awareness, she said.
Toys R Us filed for bankruptcy last fall. The company said in March it would shut or sell all its U.S. stores. There are 735 locations remaining in the U.S.
Larian says the liquidation of Toys R Us would have a negative impact on the industry. The CEO has blamed the company’s demise on its private equity owners, which saddled the company with debt.
Toys R Us declined to comment.
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