Months after closing its doors, the Toys R Us brand appears to be making a comeback.
The lenders who are set to take control of the company have canceled a bankruptcy auction for the rights to the Toys R Us and Babies R Us brand names, even though there were offers on the table. Instead, they're planning to take over all of the company's assets and reboot the toy retailer.
In a press release, the new owners say they're working with potential partners to come up with concepts for new stores. Their goal is to bring back the brands "in a new and re-imagined way."
Toys R Us filed for bankruptcy a year ago, and closed its U.S. stores earlier this year due to declining sales.
A timeline for when the brand could be relaunched wasn't disclosed.
Additional reporting from Newsy affiliate CNN.