Troubled toy retailer Toys R Us has laid out plans that could see it return back to public ownership.
The ambitious strategy, named ‘Project Sunrise’, would mean the company improves its customer service while revamping older stores and closing those which don’t create profit.
Speaking about Project Sunrise, chief executive David Brandon said the emphasis was on children being able to try out toys in store, something that they had been restricted in doing so in recent times.
“We want toys out of the box and into the hands of kids,” commented Brandon. “We know we need to do it. We haven’t had the capital to do it.”
The company currently employs 64,000 staff, of which under new proposals under Project Sunrise, all would get a pay rise alongside reduced delivery times and a much more improved customer service offering.
Once the toy retailer completes the bankruptcy process, Brandon confirmed that the chain would no longer be owned by Bain Capital, KKR and Vornado Reality Trust.
It has also allegedly not been ruled out that creditors could convert their debt into equity with a public sale.