Toys "R" Us Inc. has canceled its bankruptcy auction and is looking to "revive the business behind the Toys "R" Us and Babies "R" Us brand names."

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As reported by the Wall Street Journal, "Toys "R" Us's proposed reorganization plan contemplates "a new, operating Toys "R" Us and Babies "R" Us branding company that maintains existing global license agreements and can invest in and create new, domestic, retail operating businesses" under the brand name, court papers said."Toys "R" Us' controlling lenders determined that any "qualified bids" for their bankruptcy auction most likely would not "yield a superior alternative to the plan."This bankruptcy auction would have included the following assets - the brand names of Toys "R" Us and Babies "R" Us, registry lists, website domains, Geoffrey the Giraffe, and other various items.This change in strategy follows the company consulting with its controlling parties - "a group of lenders that includes Solus Alternative Asset Management and other hedge funds." The IP of Toys "R" Us is considered a "valuable piece of the lenders' collateral." The initial decision to close Toys "R" Us back in 2017 left an "$11 billion hole in the toy industry" and began the closing of over "800 stores" and left "33,000 people without jobs."Following the news of Toys "R" Us's imminent closing, those workers were fighting for severance pay and the Wall Street Journal also reported that "Toys "R" Us private-equity backers Bain Capital and KKR & Co. will be creating a $20 million fund to be distributed to the workers." The last remaining Toys "R" Us store closed on June 29, 2018 and while there have been rumors of a "reboot" of sorts for the iconic brand, this is the most promising sign for kids all over the world who don't want to grow up just quite yet.

Adam Bankhurst is a news writer for IGN and is also a Toys "R" Us kid who really doesn't want to grow up. You can follow him on Twitter @AdamBankhurst.