Isaac Larian's plan to save Toys R Us has ended in defeat. The billionaire CEO of Bratz doll-maker MGA Entertainment had hoped to scoop up 200 of the 735 Toys R Us locations in the US and almost all of those in Canada, which number less than 100. But sources say Larian's bid—of $675 million for the US properties and another $215 million for those in Canada, per the Wall Street Journal—was rejected as too low. CNNMoney reports that news of the rejection broke before Larian was informed. On Tuesday he said in a statement that "if this is true it is very disappointing. We feel confident that we submitted a fair valuation of the company's US assets."
CBS News reports Larian's offer was apparently not a "qualified bid" because it was less than the liquidation value of the assets he was trying to buy. The Journal adds that the $1 billion crowdfunding campaign Larian launched in March brought in $62,000; he was to contribute $200 million to the deal. Larian indicated he wasn't ready to hang up his hat in his statement: "It is our hope and expectation that we can continue to participate in the bid process so we can keep fighting to save Toys 'R' Us." (Read more Toys 'R' Us stories.)