KB Toys aims to fill the void of Toys 'R' Us

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Are you already missing Toys "R" Us?

CNNMoney reports that Strategic Marks, a company that buys and revitalizes defunct brands, owns the KB name and will open 1,000 pop-up toy stores for Black Friday and the holiday season.

Toys R Us hopes to start liquidations sales at most of its USA stores on Thursday and complete those sales by the end of June.

"My assumption is that there's about half a billion dollars worth of toys that have been produced for Toys "R" Us with no place to go", said Strategic Marks president Ellia Kassoff, in a phone interview with CNNMoney. "That's a big, big void that we're hoping to fill up".

Some stores may close sooner if inventory sells out faster.

Kassoff said in a post on Linkedin that if the pop-up stores perform well, it's possible some locations could stay open permanently. However, Toys "R" Us' decision to close its doors inspired him to follow the pop-up idea.

Toys R Us has about 30,000 employees nationwide, who all will lose their jobs when the closures take effect. "I have three children and definitely have done some shopping at Toys R' Us and Babies R Us", said Laurie Skiles, manager at The Nurturing Nest.

The company had filed for bankruptcy last fall.

Kassoff hopes this move will reverse the fortune of all toy retailers.

"We are therefore implementing an orderly process to shutter our USA operations and will pursue going concern sales or reorganizations of certain of our global businesses, while our other worldwide businesses consider their options", he added.

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