Toys R Us is one of the most recognized retail brands in American history. For decades, it was the destination for every kid’s birthday wish list — a giant warehouse of wonder that existed in nearly every American suburb.
Then it collapsed spectacularly in 2018, liquidating all of its US stores under the weight of $5 billion in debt. But here is the part most people do not know: Toys R Us never truly died. Today, it is not only back — it is aggressively opening 120 brand-new stores across America right now in September 2026.
So who actually owns it? The answer goes through a New York brand management firm, a landmark deal with Macy’s, and one of the most impressive retail comeback stories in modern American business.
Who Owns Toys R Us Right Now in 2026?
Toys R Us is owned by WHP Global — a privately held brand management company headquartered in New York City. WHP Global acquired a controlling interest in Tru Kids Inc. — the entity that holds the Toys R Us intellectual property — in early 2021, making it the official parent company of the Toys R Us and Babies R Us brands globally.
WHP Global is led by its Co-Founder, Chairman, and CEO Yehuda Shmidman, who has been the driving force behind Toys R Us’ revival.
The company is backed by Oaktree Capital, a major global investment firm. WHP Global’s brand portfolio generates over $9.5 billion in global annual retail sales — including Toys R Us, Babies R Us, Lands’ End, Express, Rag & Bone, Vera Wang, and most recently Marc Jacobs.
Ownership and Key Stakeholders Table
| Owner / Party | Role | Stake / Position | Key Detail |
|---|---|---|---|
| WHP Global | Controlling Owner of Toys R Us brand | Controlling interest in Tru Kids Inc. | New York-based brand management firm; backed by Oaktree Capital |
| Yehuda Shmidman | Co-Founder, Chairman & CEO of WHP Global | Executive control | Drives Toys R Us global revival strategy |
| Oaktree Capital | Financial Backer of WHP Global | Institutional investor | Major global alternative investment firm backing WHP |
| Tru Kids, Inc. | Intermediate IP Holding Entity | Holds Toys R Us trademarks | Also includes Solus Asset Management and Ares Management as stakeholders |
| Solus Asset Management | Minority Stakeholder in Tru Kids | Partial stake | Participated in original 2019 Tru Kids formation |
| Ares Management | Minority Stakeholder in Tru Kids | Partial stake | Global alternative asset manager |
| Fung Group | Franchise Owner — Asia | Franchise license | Owns and operates Toys R Us stores across 7 Asian countries |
| Putman Investments | Franchise Owner — Canada | Operates Canadian stores | Runs 4 remaining Canadian stores after 2026 restructuring |
| Macy’s | Retail Partner | No equity | Hosts 450+ Toys R Us shop-in-shop locations across the US |
| Go! Retail Group | Expansion Partner | No equity | Texas-based partner opening 120 new US standalone stores in 2026 |
The Origin Story: A Man, a Crib, and a Big Idea
The story of Toys R Us begins not with toys but with baby furniture — and a man named Charles Lazarus who had the insight to see that parents buying cribs today would be buying toys tomorrow.
Charles Lazarus opened his first store in Washington D.C. in 1948, originally selling children’s furniture. He quickly noticed that his furniture customers kept coming back to ask about toys. By 1957, he had pivoted completely to toys and opened the first true Toys R Us store.
The famous backwards R in the name — inspired by the way children write letters before learning the correct direction — became one of the most recognizable logos in American retail history.
Through the 1960s, 1970s, and 1980s, Toys R Us expanded aggressively across America and then internationally. By the 1990s, it was the dominant toy retailer in the world — a category killer that seemed unstoppable.
Geoffrey the Giraffe became as iconic to American childhood as Mickey Mouse or Santa Claus. At its peak, Toys R Us operated over 1,500 stores globally and generated billions in annual revenue.
The Bankruptcy: $5 Billion in Debt and a Collapse No One Saw Coming
The collapse of Toys R Us is one of the most studied retail failures in modern business history — and the villain of the story was not Amazon or changing consumer habits. It was private equity and a crushing debt load.
In 2005, a consortium of private equity firms — Bain Capital, KKR, and Vornado Realty Trust — took Toys R Us private in a leveraged buyout worth approximately $6.6 billion. The deal loaded the company with $5 billion in debt that it would spend the next twelve years struggling to service.
While competitors like Amazon and Target invested in e-commerce and supply chain improvements, Toys R Us was spending the majority of its available cash on interest payments. It never had the financial flexibility to modernize.
In September 2017, Toys R Us filed for Chapter 11 bankruptcy protection. By June 2018, it had liquidated all of its US stores — roughly 800 locations — in one of the largest retail liquidations in American history. Charles Lazarus, the founder, passed away just weeks after the liquidation began, at the age of 94. It was a heartbreaking end to an era.
The Comeback: WHP Global and the Macy’s Master Plan
The Toys R Us brand did not disappear when the stores closed. The intellectual property — the name, the logo, Geoffrey the Giraffe, and over 20 related brands — was acquired by a new entity called Tru Kids Inc. in 2019. Tru Kids attempted a small-scale physical comeback, opening two stores in 2019, but those quickly closed during the COVID-19 pandemic in 2020.
Then WHP Global arrived. In early 2021, WHP Global acquired a controlling stake in Tru Kids and immediately put a bold new strategy in place.
Instead of trying to lease hundreds of standalone retail locations — an expensive, slow, and risky approach — Yehuda Shmidman made a landmark deal with Macy’s: open a Toys R Us shop-in-shop inside every single Macy’s store in America.
By 2022, 452 Toys R Us branded shops had opened inside Macy’s stores nationwide — giving the brand a massive physical footprint overnight, with virtually no traditional leasing risk. The strategy was described by retail analysts as one of the smartest brand-revival plays in modern retail history.
WHP Global did not stop there. A flagship 20,000-square-foot two-story store opened at American Dream mall in New Jersey. More flagships followed at Mall of America and other key locations. The first-ever Toys R Us airport store opened at Dallas Fort Worth International Airport. Plans were announced to bring the brand to cruise ships.
Breaking News: 120 New Stores Opening Right Now
Just this week — on September 17, 2026 — Toys R Us and WHP Global announced their most ambitious expansion yet.
Toys R Us is set to open 120 new stores across the US, bringing its total number of standalone locations to 160. The expansion is being carried out in partnership with Texas-based Go! Retail Group. The new stores will open in prime locations and feature popular global toy brands including LEGO, Hot Wheels, Pokémon, Barbie, and K-pop Demon Hunters. Some locations will also include Creator Studios — dedicated spaces where influencers and toy brands can host product reveals and special events — as well as cafes and candy shops.
As of September 2026, Toys R Us operates over 40 standalone stores in the US alongside the Macy’s shop-in-shops, and over 1,400 stores and e-commerce sites across 31 countries globally.
Toys R Us Around the World in 2026
The Toys R Us brand is now a global franchise operation, with different regional operators running stores under license from WHP Global and Tru Kids.
In Asia, Toys R Us Asia (Holding) Limited, owned by Hong Kong’s Fung Group, operates stores across China, Hong Kong, Japan, Malaysia, Singapore, Taiwan, and Thailand. South Korea is separately operated by Lotte Mart as a long-standing franchisee. In Canada, Putman Investments operates 4 remaining stores after Toys R Us Canada entered creditor protection in February 2026 and went through a major restructuring.
Who Is WHP Global?
WHP Global is a New York-based brand management firm founded by Yehuda Shmidman in 2019. The company’s model is built around acquiring the intellectual property rights of well-known consumer brands and then growing them through licensing deals, franchise partnerships, and e-commerce — without necessarily owning or operating physical stores itself.
Beyond Toys R Us, WHP Global’s portfolio includes Babies R Us, Lands’ End, Express, Bonobos, Rag & Bone, Vera Wang, Anne Klein, Joseph Abboud, and most recently Marc Jacobs — acquired from LVMH in a deal announced in May 2026. The combined portfolio generates over $9.5 billion in global annual retail sales, making WHP Global one of the most powerful brand management platforms in the world.
Frequently Asked Questions (FAQs)
Q1. Who owns Toys R Us in 2026?
Toys R Us is owned by WHP Global, a New York-based brand management company led by CEO Yehuda Shmidman and backed by Oaktree Capital.
Q2. When did WHP Global buy Toys R Us?
WHP Global acquired a controlling stake in Tru Kids Inc., the parent entity of Toys R Us, in early 2021.
Q3. Why did Toys R Us go bankrupt?
Toys R Us filed for Chapter 11 bankruptcy in September 2017 after struggling under a $5 billion debt load from a 2005 private equity leveraged buyout by Bain Capital, KKR, and Vornado Realty Trust.
Q4. How many Toys R Us stores are open in 2026?
Toys R Us operates over 1,400 stores and e-commerce sites across 31 countries, with 40+ standalone US stores and 450+ Macy’s shop-in-shops, plus 120 new stores just announced on September 17, 2026.
Q5. Is Toys R Us still partnered with Macy’s?
Yes. Toys R Us operates inside over 450 Macy’s store locations across the United States as part of a landmark shop-in-shop partnership launched in 2022.
Q6. Who owns Toys R Us in Asia?
Toys R Us Asia (Holding) Limited, owned by Hong Kong’s Fung Group, operates the brand across China, Japan, Malaysia, Singapore, Taiwan, and Thailand under a franchise license.
Q7. Who founded Toys R Us and when?
Charles Lazarus founded Toys R Us in Washington D.C. in 1948, originally as a baby furniture store before pivoting entirely to toys by 1957.
Q8. What other brands does WHP Global own besides Toys R Us?
WHP Global’s portfolio includes Babies R Us, Lands’ End, Express, Vera Wang, Rag & Bone, Bonobos, Anne Klein, and Marc Jacobs — acquired from LVMH in May 2026.
Toys R Us is owned by WHP Global — a privately held New York brand management firm led by CEO Yehuda Shmidman and backed by Oaktree Capital. WHP acquired a controlling stake in Tru Kids Inc. — the entity that holds all Toys R Us intellectual property — in 2021 and has since engineered one of the most remarkable retail brand revivals in American business history.
From 800 liquidated US stores in 2018 to over 1,400 global locations in 31 countries in 2026, Toys R Us is back — and growing faster than ever. With 120 new stores just announced on September 17, 2026, the brand that built the childhoods of millions of Americans is writing an entirely new chapter.