Toys 'R' Us seeks to raise $800 million in IPO |
| MarketWatch - May 28, 2010 |
Toys "R" Us Inc., which went private in a 2005 purchase by a private-equity consortium, plans to return to the public markets, aiming to raise $800 million in an initial stock offering.
The Wayne, N.J.-based retailer, with annual sales of $13.6 billion, has filed a registration statement with the Securities and Exchange Commission saying the number of shares to be offered and a price range have yet to be determined. Proceeds from the IPO are to be used to pay down debt and for other general purposes, the company said.
Toys "R" Us had long-term debt of $5.2 billion as of Jan. 30.
In July 2005, a buyout group including Bain Capital Partners, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust bought the retailer for $6.6 billion after its moves to remodel stores and improve customer service failed to stem market-share and sales losses in the face of competition from the likes of Wal-Mart Stores Inc. /quotes/comstock/13*!wmt/quotes/nls/wmt (WMT 50.66, -0.04, -0.08%) , which surpassed Toys "R" Us as the biggest U.S. toy retailer in 1998.
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- Posted: 2010-05-28 09:24:28
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