Toys "R" Us, the iconic toy store chain that filed for bankruptcy in 2017, is planning a comeback by opening up to 24 flagship stores across the United States starting next year. The parent company, WHP Global, also announced plans to open Toys "R" Us shops in airports and on cruise ships through a partnership with Go! Retail Group. The first airport shop will open in November at Dallas-Fort Worth International Airport. The comeback attempt comes at a challenging time for brick-and-mortar stores, but nostalgia and tapping into the travel industry could potentially drive business for the new stores. However, they will face competition from online retailers like Amazon and big box stores like Walmart and Target.
Bonobos co-founder Andy Dunn is returning to the company as a brand advisor after it was sold by Walmart earlier this year. The move comes as Bonobos and new parent company WHP Global look to get back to the brand's roots. WHP Global has no plans to change the Bonobos DNA and said the firm's decision to appoint Dunn is part of its plan to center the brand on its core identity. Under WHP Global, Bonobos can expand internationally, and Dunn will work closely with Bonobos president John Hutchison and Express Inc. CEO Tim Baxter.
Express has acquired the menswear brand Bonobos from Walmart for $75 million in partnership with WHP Global, with WHP Global acquiring the Bonobos brand for $50 million and Express acquiring the operating assets and assuming related liabilities of the Bonobos business for $25 million. Walmart bought Bonobos for $310 million in 2017 but struggled to make the brand profitable. The deal is expected to close in Q2 2023, after which Express will have the right to use the intellectual property acquired by WHP to run the Bonobos business.
Walmart is selling Bonobos, a menswear brand, for $75 million to fashion retailer Express and management firm WHP Global. WHP Global will buy Bonobos's brand for $50 million, while Express will acquire Bonobos's operating assets and assume the related liabilities of the business for $25 million. This move is a sign that Walmart is unwinding some of its e-commerce plays.
Walmart has sold menswear brand Bonobos to brand management firm WHP Global and Express in a $75 million deal. WHP will acquire the Bonobos brand for $50 million, while Express will get Bonobos's operating assets and related liabilities for $25 million. As part of the deal, Express will enter into a licensing agreement with WHP that will allow it to run Bonobos in exchange for royalty fees. Walmart originally purchased Bonobos in 2017 for $310 million while it was attempting to grow its online presence and compete with Amazon under former e-commerce President Marc Lore.
