If you were heartbroken by the shuttering of Toys R Us stores across the nation, there’s some good news for you.
The company announced in a press release Tuesday night that a bankruptcy auction for Toys R Us was canceled because none of the offers were “meaningfully higher and better” than any other offer from current lenders.
Instead, as reported by The Wall Street Journal, lenders who have a stake in the company intend “to revive the business behind the Toys R Us and Babies R Us brand names.”
The press release says the stores will be brought back “in a new and re-imagined way.” The company first announced it was filing for bankruptcy in September 2017 and announced the shuttering of dozens of its stores across the U.S. earlier this year.
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Many had written Toys R Us off as dead. But now, with this glimpse of hope, many took to Twitter to celebrate the news.
One person said the move revealed the real meaning of the “R” in the company’s name.
Another Twitter user paired the news with a common reaction GIF that captured the company’s sudden escape from closure.
While Mike Rome, a ring announcer for WWE, seemed to be in disbelief about the news.
And ESPN radio host Freddie Coleman seemed to recapture a brief moment of childhood bliss.
In fact, there were loads of reactions on the social media site.
The press release says “additional detail” will be provided as lenders work on a way to revive the brand.