US retailer Toys R Us has re-opened its business under a new banner, Tru Kids, after closing its business almost a year ago.
The company is currently doing business as Tru Kids Brands and will operate Toys R Us, Babies R Us, Geoffrey and other consumer toy and baby brands.
Toys R Us global chief merchandising officer Richard Barry will lead the business as the president and CEO of the newly formed entity.
He will be joined by other executives including Matthew Finigan as chief financial officer, James Young as global license management and general counsel executive vice-president, and Jean-Daniel Gatignol as global sourcing and brands senior vice-president.
In addition, the retailer has named Wave Hill Partners CEO Yehuda Shmidman as vice chairman to assist the company on global strategy and execution. He also served as the CEO of Sequential Brands Group.
Barry said: “Despite unprecedented efforts to capture the US market share this past holiday season, there is still a significant gap and huge consumer demand for the trusted experience that Toys R Us and Babies R Us delivers.
“We have a once-in-a-lifetime opportunity to write the next chapter of Toys R Us by launching a newly imagined omnichannel retail experience for our beloved brands here in the US.
“In addition, our strong global footprint is led by experienced and passionate operating teams that are 100% focused on growth.”
Tru Kids will be headquartered in New Jersey, US. The company’s global partners include Al Futtaim Sons in the UAE, Green Swan in Iberia, Keshet-Hypertoy in Israel, Lotte Shopping in South Korea, Marketing Services and Commercial Projects Operation in Saudi Arabia, Tablez & Toyz in India, and Toys Labuan Holding in partnership with Fung Retailing Asia.
Along with its global partnerships, Tru Kids will focus on expanding the Toys R Us and Babies R Us businesses in existing markets and explore opportunities to introduce them to new territories.
These partners will work closely with the new company to open 70 stores this year in Asia, India and Europe, as well as develop an e-commerce platform in various markets.