Smyths Toys to take over Toys R Us stores in Germany
By Associated Press
Apr 21, 2018 7:22 AM CDT
FILE- This Jan. 24, 2018, file photo shows a person walking near the entrance to a Toys R Us store, in Wayne, N.J. Canada’s Fairfax Financial Holding has placed a bid of $300 million to buy Toys R Us’s Canadian operations in bankruptcy. According to court papers filed late Thursday, April 19, 2018,...   (Associated Press)

BERLIN (AP) — Ireland-based Smyths Toys has reached a deal to take over more than 90 Toys R Us stores in Germany, Austria and Switzerland.

In March, Toys R Us said it would be liquidating its U.S. business. Its German branch said in a statement Saturday that Smyths Toys has signed an agreement to take over its activities in the three countries, with 93 stores and four online shops.

Smyths Toys, which according to the statement operates 110 stores and online shops in Ireland and Britain, said it is confident of establishing and expanding its brand in continental Europe.

The deal requires approval by a U.S. court and other authorities. It foresees Smyths Toys taking over Toys R Us' regional employees and local headquarters in Cologne.

No financial details were given.