Troubled retailer Toys "R" Us has been sold to a consortium of private investors for about $6.6 billion, The Wall Street Journal reported. The company had been trying to sell its toy division but agreed to an offer for the entire firm from Bain Capital, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust.
The consortium is expected to reduce the number of stores but intends to continue operating the company in its present form. Toys "R" Us, like other specialty retailers, has been losing ground in recent years to Wal-Mart and other superstore discount outlets.
Bain Capital is a principal owner of KB Toys, another specialty reatiler now trying to emerge from Chapter 11 bankruptcy protection.
Vornado's expertise in the commercial real estate business is expected to help Toys "R" Us get the most value from its existing store leases.