FAIRFAX LANDS BID FOR TOYS ‘R’ US
Toys “R” Us’s Canadian operations have found a safety net months after the retailer’s demise in the U.S. and overseas. Documents filed in a Richmond, Va., bankruptcy court Monday revealed the retailer will be cancelling an auction for its 82 Canadian stores and seeking approval on Tuesday to sell them to Toronto-based Fairfax Financial Holdings Ltd., which is involved in property and casualty insurance and reinsurance and investment management. The auction was triggered by a $300-million stalking horse offer Fairfax made allowing others to make competing bids for the Canadian operations until Monday at 10 a.m. EST, but court filings showed no bidders other than Fairfax. Fairfax’s successful bid signals an end to the uncertainty that has followed the company ’s Canadian arm since September, when it filed for creditor protection and its U.S. division sought bankruptcy protection.